The WIRE ETF bounced last week after correcting more than 9%, even as the copper price pushed towards new all-time highs. The copper sectors run hard, but we believe the trend has further to play out, potentially this side of Christmas.
- We like the risk/reward towards the WIRE ETF targeting fresh highs, in line with our bullish outlook towards the underlying industrial metal.
Trade Idea: Buy the Global X Copper Miners ETF (WIRE) using a $18.75 limit, with stops at $17.85, ~5% risk.
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