Wednesday, February 29, 2012

Copper Acting Out This Tuesday Morning

Post break down in commodities and equities Copper chart below.. notice how it held the bullish break out support/level for 3.80x

5 min HG
This post is an update to a post on copper from the 20th of Feb. 
Daily HG (copper)
As you can see from the chart copper broke out of a wedge around the 9th of January and continued its bull run almost to 4 dollars before coming under pressure as China growth worries came into play.

Now that the .80 level i highlighted previously has been broken, momentum carried HG into the 3.949 level. Over the 4 dollar level would mean copper is at it's highest price since mid october 2011.

This morning copper futures are up .7% on above average volume as stabilization in Europe continues and China still consumes.

15 min HG