Copper Breaking Critical Support
Peter Brandt | Mar 18, 2013 08:51AM ET
The Copper market is in technical trouble. The market has been coiling within a symmetrical triangle pattern since October 2011, as seen on the weekly graph below.
The decline today, if it follows through, would close below the lower boundary line of the triangle and also below the early March low. The solid boundary line connects the orthodox weekly lows, the dashed line connects the lowest Friday closes.
The daily chart mirrors the weekly chart and shows the import of today’s current decline. The market has one more major hurdle before we declare it a full-fledged bear market — the November low at 340.30 must be penetrated on a closing basis. Should this occur the target would become a minimum of 300.00. The red dashed line once again is the boundary line based on the closing price chart (not shown).
Disclosure: The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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