“Currently Doc Copper finds itself in what could be a very important price point, that could say a good deal about the direction of the macro picture, around the world. Copper has spent 98% of the past 13-years inside of a rising channel,” according to Chris Kimble of Kimble Charting Solutions. “Copper double bottomed in 1999 and 2001 and then started moving higher for years to come. Copper double topped in 2011 and has been moving steadily lower for the past 5-years.”

Related: Industrial Metals ETFs are Turning

Another beneficiary of rising copper prices is the iShares MSCI Chile Capped ETF (NYSEArca: ECH). ECH, the lone ETF dedicated to tracking equities in the world’s largest copper-producing country. Although Chile is viewed by some market observers as the most advanced and open South American economy and it is undeniably home to Latin America’s highest sovereign credit rating (AA-), there is also no denying the country’s dependence on copper exports as a driver of government revenue.

“Copper is testing 13-year rising support and the 61% retracement level of the 2001 lows and 2011 highs at (1) above. From a macro point of view, the Power of the Pattern feels its very important that Doc Copper holds at dual support,” according to Kimble. “The trend in Copper is lower and if support would happen to give way, selling pressure in this leading indicator could ramp up.”

iPath Dow Jones-UBS Copper Subindex Total Return ETN