While the miners look fairly valued, measures of sentiment offer a mixed message. Additionally, in the immediate term, both look overbought and are trading near resistance levels. We'd view consolidation relieving excessive optimism and overbought conditions without breaking below previous resistance levels as bullish. We have the Global X Copper Miners ETF (COPX) on watch for an upgrade. A breakout above resistance or a successful retest of previous support are likely levels for our entry.
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