Copper has enjoyed price buoyancy over the last couple weeks, news out of China last week said supplies were short. Go figure since the China countryside contains warehouses of copper stacked floor to ceiling. Note how there was a double right shoulder formed for the H&S. Price action now is simply coming up for another back kiss of the neck line at 4.15. Copper is a leading indicator so the upward price action over the last few days has aided the broad market bounce.
Note the importance of the 3.9 support now, so watch that on the way back down. The 50 and 200 MA's provide a resistance ceiling at 4.2-ish. Although copper has forecasted market happiness over the last couple weeks, the projection remains for further downside towards the H&S targets at 3.7. Price will resolve out of the 3.9-4.2 range moving forward. Keystone forecasted a copper collapse at the start of the year and has not changed that forecast. If 4.2 is achieved that would give the broad market bulls reason to throw confetti. If 3.9 fails, the bears rule. Projection is sideways ahead, the 4.2 R should hold, 3.9 will eventually break, and copper will collapse down thru the 3's, all this in concert with further down side in the equties markets, and a popping of the China bubble, as the year plays out and we move into 2012. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your financial advisor before making any investment decision.
Terimakasih anda telah membaca artikel tentang COPPER Daily Chart H&S. Jika ingin menduplikasi artikel ini diharapkan anda untuk mencantumkan link https://twistoperty.blogspot.com/2011/08/copper-daily-chart-h.html. Terimakasih atas perhatiannya.