22nd Aug - Copper Recovery Threatened by Resistances
22 August 2013
WEEKLY CHART – CONTINUATION:
Earlier breach of the rising support line gave a clear bear signal. So far, however, the Oct-11 low has provided good support. Latest recovery has retested resistance from the old rising return line, at 3.4000 currently. Ideally for bears this will hold.
DAILY CHART – Sep-13:
Shorter term bulls have been encouraged by the breaks of the falling resistance line and channel top projection.
However, further hurdles are now in sight, being the falling return line at 3.4100 and the Nov-12 3.4500 low. These warn against chasing the market much higher s/term, and could combine with resistance on the Weekly chart to call a halt to the recovery phase.
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16th August - Another temporary QE fright