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Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

Copper Could Pullback Soon

Commodities / Metals & Mining Oct 29, 2010 - 04:30 AM GMT

By: Seven_Days_Ahead

Commodities

Best Financial Markets Analysis ArticleFollowing a 38.2% pullback in Copper earlier this year subsequent recovery breached important resistance which opens the way for a return to the old 2008 peak. Shorter term, though, the signs are building that a correction is due.


The Commodity Specialist view

COPPER – WEEKLY CONTINUATION CHART:

After the former 38.2% pullback level provided strong support the recovery finally breached former 76.4% resistance.

S/term dips are expected to be temporary.

Should weakness unfold now note the current 23.6% retracement lies at 3.2500 (not shown).

COPPER - DAILY CHART  DEC-10:

S/term resistance has come from near a bull channel top, but a pullback phase will not look likely until price falls through the channel base, around 3.6000 currently.

In fact, note that the daily RSI signals s/term bear fatigue via a negative divergence, putting us on the alert for such a correction.

Beyond immediate support from the Apr 3.6690 high, and then lower 3.4305 early Aug high, we would focus on the 3.2000 25-Aug low for support, the starting point for the current upleg, and near to the 23.6% level on the Weekly chart.

Mark Sturdy
John Lewis

Seven Days Ahead
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