COPPER HIGH GRADE - WEEKLY CONTINUATION CHART: The uptrend is currently pushing against resistance from the bull channel top projection around 4.6500.

We stay on the lookout for resistance here, but a successful break through would turn attention to higher targets such as the 5.0930/5.1070 area, a Fibo projection and equality target (2009/2010 upmove extended from the 2.7250 Jun-10 low).

COPPER HIGH GRADE - DAILY CHART MAR-11:

The bull channel top at 4.8500 offers current resistance as initial speculation creeps in that the current chart structure could be hinting at possible bull fatigue.

In this regard note a negative divergence beginning to appear on the daily RSI momentum indicator.

That said a break below the channel base at 4.3400 is needed to provide an early bear sign, with a break/close below the 4.2080 25-Jan low to back this up. A better pullback phase may well get underway then.