[India Chart of the Week] Copper Is Breaking Out!

JC Parets
June 6, 2018

We've talked about why we love big bases in prior posts and Copper certainly falls into that category as it's done nothing since 2011. The reason Copper is relevant today is because it's confirming a breakout from its 7-year base by hitting 4+ year highs and clearing resistance near 470-475. From a risk management perspective our risk is very well-defined as we only want to be long above 470 and a price target of 588 means the reward/risk is ridiculously skewed in our favor.

Click on chart to enlarge view.

I've kept this post short because the chart speaks for itself, but the bottom line is that this breakout in Copper is a big one and should not be ignored. We've been waiting patiently for this base to resolve itself and with the strength we're seeing in the rest of the base metals space, this appears to be the start of a new long-term uptrend.

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Allstarcharts Team

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