by Jim Wyckoff, Senior Analyst TraderPlanet.com
Wyckoff’s Market Rating: 4.0.
September silver futures closed up 5.5 cents at $11.565 an ounce today. Prices closed nearer the session low again today. Short covering in a bear market was featured today. Bears still have the strong near-term technical advantage in silver. For the bulls to regain fresh upside technical momentum they would have to produce a close above solid resistance at the June low of $12.245. The next downside price objective for the bears is closing prices below solid technical support at last week’s low of $11.06. First resistance is seen at today’s high of $11.79 and then at $12.00. Next support is seen at this week’s low of $11.455 and then at $11.25.
Wyckoff’s Market Rating: 2.5.
September N.Y. copper closed up 620 points at 321.20 cents today. Prices closed near the session high on short covering. Serious chart damage has been inflicted recently. A bear flag may be forming on the daily bar chart. Bulls’ next upside objective is closing prices above technical resistance at 330.00 cents. The next downside price objective for the bears is closing prices below solid technical support at last week’s low of 304.10 cents. First resistance is seen at today’s high of 323.90 cents and then at 325.00 cents. First support is seen at 320.00 cents and then at today’s low of 314.60 cents.
Wyckoff’s Market Rating: 4.5.