Commodity charts are breaking out left and right. Today, the Copper Miners ETF (COPX) tried to break out and make new 52-week highs. This might give a pullback as you can see the ballistic move up to retest the old highs. It should definitely go on a watch list.
The Steel ETF (SLX) broke out to new 52-week highs last week. The Aluminum chart also broke out. Gold and Silver also had a good week. Gold and Silver have made significant seasonal lows in December the last few years. All of these metal related stocks are just starting to break out. This looks like a great setup for significant leadership.
On this weeks Commodities Countdown With Greg Schnell 2017-12-21, I spent a significant portion of time discussing how the metals trade could be shaping up to be the trade of 2018. New year, new sector?
Commodities Countdown With Greg Schnell 2017-12-21 from StockCharts.com on Vimeo.
Good trading,
Greg Schnell, CMT, MFTA
