14th Jun - Copper Holds Above Key Levels For Now
14 June 2012
WEEKLY CHART - CONTINUATION
After failing to hold above the area of the 3.8460 May-11 low the drop back is approaching the rising support line at 3.1400. This and the 3.0010 Oct-11 low are the key supports on this continuation chart – breaks of these would be a fresh bear signal.
DAILY CHART – Jul-12:
The downmove has found s/term support around the 76.4% retracement, close to the prior Nov/Dec-11 lows.
S/term we wait to see what rebound can be prompted here. The 3.5775 16-Apr low offers first resistance, ahead of the rising former channel base at 3.6800.
A subsequent breach of current support would turn focus on the 3.0800 Oct-11 low next.
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