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Doc Copper; Breakout Test In Play

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Ole Doc Copper hasn't done too well over the past 6-years, as it has created a series lower highs since 2011. Over the past 18-months, Doc has been attempting to create a series of higher lows in the chart below.

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Copper appears to be creating these short-term higher lows inside of rising channel (1) and (2). Rising support channel (2) is being tested and short-term falling resistance is in play at (3), creating a short-term pennant pattern.

Below looks at Copper over the pat 30-years-

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Copper has spent the majority of the past 30-years, inside of rising channel (1), where support was hit 18-months ago and the series of higher lows got started. It has spent 100% of the past 6-years inside of falling channel (2).

For the past 6-years, Doc Copper has let down the bulls, as it has peaked at falling resistance, as resistance is resistance until broken. To send a positive message to the bulls, it needs to breakout of falling resistance at (3). If it does breakout, I will look to be a buyer. This is where Copper has peaked year after year, will it be different this time?

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Disclosure: I am/we are long FCX.