By Jeff Pierce

If support breaks watch out as this is going to crater. I selected 3 stocks in this sector to illustrate how weak it is and each one is in a different timeframe. Reason being is they all just about look the same on the daily, so when you see a daily, weekly, and 60 minute, you can see just how weak it is.

non.ferrous.index

 

$33.50 is a top or 60 on the RSI. Whichever comes first.

 

FCX.TREND.ANALYSIS

 

Horrid daily chart. A watershed decline like that doesn’t suddenly conclude with massive buying. Look for a bounce and short it. In fact, a bounce doesn’t even have to happen. I’m bearish/neutral on this sector. It’s either going up and then down in a big way…or just down.

 

IPI.TREND.ANALYSIS

 

Weekly head and shoulders in play.

 

tck

 

 

 

 


 

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Looking At The Other Metals

One Response to “Potential Gloom For Non-Ferrous Metals Sector”

  1. Danny Says:

    Looks like we are going into another bout of deflation.
    And today’s news that China is curbing its housing market is not going to help base metals either.
    The commodity related currencies have been showing weak as well.

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