Thursday, April 26, 2007

Copper Analysis

Read Full Post.....

It's taken about a week and a half to work off the momentum from this most recent run up in copper. Momentum is starting to slowly die off.
Today's LoD was 348, so the area to to watch closely is 346-348.
So long as the 10d EMA stays above the 20d EMA, the current up trend is still intact. Of the various scenarios that could unfold at this point, one of the better ones would be the 10d EMA tagging the 20d EMA, and then a big up day.

Although I've drawn in the trendline from the past two months, a break below this trendline doesn't really say anything significant at this stage - all it would mean is that we have a confirmed pullback. I would need to see a break below 320 - now that would be a significant technical event.

No comments: