Material Stocks …

Everyone is convinced the global economy is starting to boom finally … mu audio alert for IP went off this afternoon while I was out golfing.  I thought I should take a quick look at the sector here in mid-October.

Copper ETF (JJC) – Monthly Chart

The move lower in copper had been unrelenting from 2011 until late 2016 … after that strong monthly move in November 2016, price consolidated until July 2017, and since then, price has been on the move higher.

FCX – Weekly Chart

FCX and SCCO are my go-to copper plays, and FCX has lagged, but it looks like it is about to make a move higher out of this big consolidation pattern on the weekly chart.

FCX – Daily Chart

The daily ATR resistance level was broken today … total volume was 26.1m vs the 20-day average of 16.1m.

SCCO – Daily Chart

SCCO is definitely stronger here the last couple of days, but FCX is less extended and possibly breaking a nice consolidation pattern.  I will be looking at FCX here the next couple of weeks.

Packaging & Container Sector – Daily Chart

IP is part of the Packaging & Container sector … nothing is more economically affected than packaging materials!!

IP – Weekly Chart

IP – Daily Chart

IP – 195 Minute Chart

Like I mentioned, my audio alert on the 195-minute R/S pattern break happened today, so I plan on starting a long position in IP probably some-time this week.

Cheers … Leaf_West

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