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Copper Bulls Stay Sidelined, Downside Risk Remains

Commodities / Metals & Mining Oct 19, 2009 - 05:28 AM GMT

By: Seven_Days_Ahead

Commodities

Best Financial Markets Analysis ArticleThe 2009 bull run ran out of steam in August, with price action turning consolidative. After an initial negative sign the bears have been reluctant to follow through, but downside risk stays present.


The Commodity Specialist view


WEEKLY CHART - CONTINUATION:

Recovery from the 1.2475 Dec-08 low has now reached/eroded the old 2.8500 Dec-07 low.

Beyond this lies the 61.8% 3.1155 retracement level –but there is currently pullback risk.

DAILY CHART – DEC-09:

Earlier on we had a Fibo projection marked in – it has provided effective resistance, prompting s/term correction/ consolidation.

So far, it has shied away from the 23.6% level of the upmove from Dec-08 low, around 2.5935.

The s/term rising support/return line is providing approximate resistance and, at the moment, current strength may still prove to be the precursor to another bear leg.

Below the 23.6% level note lower support is offered by the 2.4680 Jun high, but the next bear target would be the 38.2% 2.3485 retracement area.

Mark Sturdy
Philip Allwright

Seven Days Ahead
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Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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