Key Support in Copper Under Pressure Again
15 September 2011
WEEKLY CHART -CONTINUATION
See how the 38.2% pullback level has provided support more than once. The latter test was also supported by the bull channel base.
These two supports are once more under pressure. Breaks here would mean a more prolonged correction was underway, and open up lower targets such as the 3.6295 Apr-09 high and 3.4500 61.8% pullback.
DAILY CHART -Dec-11:
The recovery off bear channel base support fell short of the 4.2800 61.8% bounce level. The pullback is now nearing the key support offered by the channel base and 3.8020 76.4% pullback level -breaks through these would be negative signs, inviting lower targets.
Meanwhile the bears must wait for further negative development before committing.
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