Skip to content

Getting on board with Dr. Copper

October 29, 2009
tags: , , , ,

They say Copper has a PHD in Economics or something like that.  I guess that explains why it busted above its recent range before the stronger than expected GDP report today.  It did dip quickly back below that line yesterday, but today it reclaimed it and left all those sellers yesterday caught with their pants down.

Of course, you could play PCU or FCX, but I’m going with TGB.
It shows the same dip down below the recent breakout level and a nice bullish engulfing candle to reclaim it while also bouncing off the 50 MA.

With a stop just below yesterday’s low, a move to $3.50 makes a nice 2:1 reward/risk setup.

No comments yet

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: