Are you looking for a good readout for the rising commodity prices? Copper may be just what you are looking for, but please stay away from the trigger for a while.
You may have looked for an ETF for copper but hasn’t found any. However, there is good news in that you can look at the Etf Copx that is not an ETF for copper, but for the miners.
Let’s pull up Chart so that you can see for yourself:
What you see in the chart is that we are still in a down trend, but on the cusp of breaking out.
The 100-week moving is still heading down while the 50-week has changed direction and now trends up.
If we break out of the declining trend line you can comfortably be putting some money into the metal, but not just yet.
Everyone is seeing what has happened to the copper price over the last few days and is now rejoicing.
The risk is that everybody and their mother is putting bets that copper will continue up causing a sharp reversal in the prices.
Please hold your nerve and don’t get caught up in the craze about the metal at this juncture. You will thank me in a couple of weeks.
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