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Coronavirus-bear-market-2020-analysis

Copper Bounce Now Likely

Commodities / Commodities Trading Jun 11, 2010 - 05:31 AM GMT

By: Seven_Days_Ahead

Commodities

We had recently been looking at potential resistance in Copper, from a long term 76.4% level. This was forthcoming and the subsequent slip back has now reached interesting technical support, from which a temporary rebound looks probable.


The Commodity Specialist view


WEEKLY CHART - CONTINUATION:

The 76.4% level came under pressure, but successfully repelled the bull advance. At the time, a negative RSI divergence suggested bull fatigue.

The pullback has now reached the 2.7200 38.2% retracement, a logical place to seek a bounce.

However, this is assumed to be temporary.

DAILY CHART – JUL-10:

On this chart the bear case has been strengthened by the breach of the bull channel base projection.

The Feb 2.8525 low has now been eroded, but a positive RSI divergence supports expectations of a rebound off the 38.2% area on the Weekly chart.

Sometimes these initial corrective rebounds can be quite deep but, initially, note potential resistance around the 3.2675 10-May high.

Mark Sturdy
John Lewis

Seven Days Ahead
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© 2010 Copyright Seven Days Ahead - All Rights Reserved
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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