Copper Back at Pivotal Support Area
18 August 2011
WEEKLY CHART -CONTINUATION
Earlier support came from around a 38.2% pullback level. The market has now put fresh pressure on this, which now coincides with the bull channel base. A break below this would mean a more prolonged correction was underway.
DAILY CHART -Sep-11:
The recent fall has retested the earlier 76.4% support, finding further s/term underpinning from a channel base projection (corresponding support on the Dec-11 chart lies at 3.8000).
A break below this would call for lower targets, besides those coming from the Weekly chart.
Bears are already encouraged and look for further negative confirmation now.
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