The Downtrend in Copper Has Slowed Down...
11 December 2008
Copper is just one of the markets where the downtrend as discerned on the Daily chart has slowed down. S/term bull signals have been elusive – but it wouldn’t take much to set the bullish pulse racing...
MONTHLY CHART – CONTINUATION: So far prices have collapsed to the area of the 76.4% retracement of the major 2001-2008 upmove. This is often a good technical area of support/resistance). We have also drawn in the simple 1.618 swing projection of the 238.50-427.00 rally, at 122.00.
DAILY CHART – MAR-09: The nature of the downtrend changed (slowed), following the 163.60 27-Oct low. If the recent breach of small falling support was false, then recovery through s/term falling resistance and the 173.35 26-Nov high needs to happen soon. This would be an initial bull trigger, further confirmation to be had from a rise above the channel top projection, currently around 188.00. However, if bulls fail to deliver, and new Dec lows are seen, then we must continue to target our next Fibo projection around 104.80.
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