I rarely look at charts over 3 years but have heard a few people talking about Copper lately so thought I'd check it out!
There is so many long term pivot points visible and we are on the way to reaching one of those points again.
The April 2011 high and Jan 2016 Low creates long term Fibonacci channels of which we are now sitting at the the 0.236 level ($21.25), we've been through this level at least half a dozen times since the low but never before have we been able to break above the long term resistance line which reaches all the way back to the 2011 high, four times this had been tested and failed but not this time. We've been trending up nicely since the March crash and have blasted through that mentioned level quite easily in July. So now if we can keep above the Fibonacci level we are currently sitting on then the next stop looks to be $23.40 which has also been both a resistance and short term support line in the past few years. Common Copper, we've got ~$2 of profits if you don't fall away from this Fibonacci level.
These are my personal views and I'm not a registered advisor, please do your own research before risking your hard earned money!
There is so many long term pivot points visible and we are on the way to reaching one of those points again.
The April 2011 high and Jan 2016 Low creates long term Fibonacci channels of which we are now sitting at the the 0.236 level ($21.25), we've been through this level at least half a dozen times since the low but never before have we been able to break above the long term resistance line which reaches all the way back to the 2011 high, four times this had been tested and failed but not this time. We've been trending up nicely since the March crash and have blasted through that mentioned level quite easily in July. So now if we can keep above the Fibonacci level we are currently sitting on then the next stop looks to be $23.40 which has also been both a resistance and short term support line in the past few years. Common Copper, we've got ~$2 of profits if you don't fall away from this Fibonacci level.
These are my personal views and I'm not a registered advisor, please do your own research before risking your hard earned money!