Copper Bounce Now Likely
10 June 2010
The Commodity Specialist view -
WEEKLY CHART - CONTINUATION: The 76.4% level came under pressure, but successfully repelled the bull advance. At the time, a negative RSI divergence suggested bull fatigue. The pullback has now reached the 2.7200 38.2% retracement, a logical place to seek a bounce. However, this is assumed to be temporary. |
DAILY CHART - JUL-10: On this chart the bear case has been strengthened by the breach of the bull channel base projection. The Feb 2.8525 low has now been eroded, but a positive RSI divergence supports expectations of a rebound off the 38.2% area on the Weekly chart. Sometimes these initial corrective rebounds can be quite deep but, initially, note potential resistance around the 3.2675 10-May high. |
Philip Allwright
Mark Sturdy
Seven Days Ahead
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