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. [Read more…]