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
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
Cheers … Leaf_West