Doctors Appointment:
Copper has been having itself a week. The daily chart shows a surge of 3% as it broke above a bullish inverse head and shoulders trigger of 4.45 (notice the double bottom at the round 4 number on 11/14 with a hammer and a bullish morning star completed on 1/3) which carries a measured move to 4.90. FCX is a name many are focused on and this rose every day last week recording a bullish WEEKLY engulfing candle adding 6.7%. The last time it registered one the week ending 11/17/23 jumping 6.8% set off a nice overall run higher (notice the doji candle just 2 weeks before). The 34 level has been an area of a lot of PRICE support memory. This name still trades more than 30% off its most recent 52-week highs while peer SCCO is 25% off its annual peak it made last May. Friday it was rejected at the very round par number putting up a bearish shooting star similar to the candle from 1/17 which saw the stock decline by a rapid 12% just 2 weeks later. Notice the strength it has shown against FCX over the last 2 months, and I would expect this relationship to continue on a relative basis, although both can appreciate on an absolute one.