Monday, February 20, 2012

Copper Acting Out This Monday Evening

 4 hour zoomed HG (copper Future)
clearly HG has bounced off up-trending support dawn from the 12.19.  If this trend holds it could mean a briskly paced march into the 4 level...

BUT before we get excited about a test of the 4$ level we gotta look at copper on a 5-1hour time frame.. Below you can see the consolidation/wedge pattern develop over a period of days. HG needs to get over 3.80, hold and move higher for a clean pattern upside break out.. if not we pivot back into 3.75ish... copper and china are largely correlated. as you know.
15 min HG