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Copper Bulls Stay Sidelined – Downside Risk Remains

16 October 2009

The Commodity Specialist view



Recovery from the 1.2475 Dec-08 low has now reached/eroded the old 2.8500 Dec-07 low.

Beyond this lies the 61.8% 3.1155 retracement level -but there is currently pullback risk.



Earlier on we had a Fibo projection marked in - it has provided effective resistance, prompting s/term correction/ consolidation.

So far, it has shied away from the 23.6% level of the upmove from Dec-08 low, around 2.5935.

The s/term rising support/return line is providing approximate resistance and, at the moment, current strength may still prove to be the precursor to another bear leg.

Below the 23.6% level note lower support is offered by the 2.4680 Jun high, but the next bear target would be the 38.2% 2.3485 retracement area.



Philip Allwright

Mark Sturdy

Seven Days Ahead

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