Fibonacci Support Helps Copper Bulls Gain Control

Yesterday, we shared our bullish stance on Freeport-McMoran stock. But of course, Freeport-McMoran is pretty much a pure copper play. Therefore, in order for the stock to climb, the price of copper must climb, as well. Similarly to Freeport stock, the price of copper rose between 2016 and 2018 and has been declining for the…

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Copper Bulls Ready to Attack the $3 Mark?

A little over a months ago the price of copper was hovering above $2.92/lb., following a recovery from under $2.53/lb. For better or worse, trend-following has never been our favorite strategy. So instead of joining the bulls in anticipation of more strength ahead, we examined copper’s 2-hour price chart through the prism of the Elliott…

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Copper Bulls Still in Charge but Need to Regroup

Similarly to the general commodity market, copper has been steadily climbing during the first quarter of 2019. Three months ago, the price of the industrial metal fell to $2.5281/lb. As of this writing, it is hovering around $2.9266 after reaching $2.9808 on the last day of March. According to the media, copper’s rally can be…

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Copper’s Selloff Not a New Bear Market

Copper fell by over 58% between February 2011 and January 2016. By late-2017 it looked like the commodity was finally out of the woods as the price rose to almost $3.30. Analyst were already anticipating even higher prices driven by an increased demand by the electric vehicle manufacturers and China’s economic growth. Alas, the market…

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Copper Facing a Correction Within Uptrend

The price of copper climbed to 2.9154 yesterday as it continues the impressive recovery from the low at 1.9322 in January, 2016. Copper prices are vitally important not only to mining companies like Freeport-McMoran, but to the world economy, as well. It is true the metal has gained over 50% in value in just a…

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