In our last Copper Update (16thFeb) Copper was in the process of testing long term resistance. The market has drifted back since then, with key support coming under scrutiny.
- WEEKLY CHART -CONTINUATION
The upmove earlier found resistance from the bull channel top projection. Our higher targets remain out of reach for now.
Note first support has come from a 38.2% pullback at 3.9000 on the continuation chart.
Lower support is offered by the 3.6295 Apr-10 high and channel base. - DAILY CHART –Jul-11:
Initial support in Mar came ahead of the Nov-10 high. More key, though, are the projected channel base around 4.0000 and slightly lower 3.9500 38.2% pullback level. Temporary support from this area would not surprise.
In the Commodity Specialist Guide we already hold a bear stance, and a break through these supports in due course would provide a boost to the bear view, and call for lower targets.
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