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Rebound in Copper Returns Focus On 76.4% Resistance

Commodities / Metals & Mining Mar 12, 2010 - 07:00 AM GMT

By: Seven_Days_Ahead

Commodities

Best Financial Markets Analysis ArticleEarly this year the prior steady uptrend from a late 2008 low was seen to falter at a key Fibonacci level. After an initial sell-off a strong bounce has unnerved the bears - there is still scope for a resumption of weakness, but the market is at a critical stage.


The Commodity Specialist view

COPPER – MONTHLY CONTINUATION CHART:

In late 2008 support was seen close to a long term 76.4% pullback level.

Subsequent recovery saw a test of the 76.4% retracement, with Jan producing a type of Key Reversal Month.

While the Jan high stays intact this negative signal remains valid – the current strong corrective bounce is not uncommon when a trend is in process of turning.

COPPER DAILY CHART – MAY-10:

The 76.4% bounce level on the daily chart was eroded after s/term resistance.

But while the 3.5500 early Jan high remains in place there is still scope for a bear scenario to unfold, keeping in mind the Jan reversal month.

At this stage a drop back through the 3.1600 support area would be an encouraging sign. Meanwhile we must await developments.

 

Mark Sturdy
John Lewis

Seven Days Ahead
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