Sunday, November 11, 2012

Copper Weak this Sunday Evening - $HG_F

5 min HG - 
Front month copper is down against 4hour support at which was tested Friday @ 3.4 and held. The low which this uptrend illustrated below starts to incline from is 3.2385 which coincides with the extreme weakness we saw across the commodity complex in late spring 2012.

white ovals are highlighting the pattern - 30 min HG
Monthly HG... volume building over last 6 years, resistance over 4 still has held.... 
The pattern on the 30 min chart shows many buy squeezes up into almost a pinch then aggressively sold. Seems to be the nature with copper... My guess 3.4 holds and we pivot up slowly, if it fails.. we see 3.20.
4 hour HG - white ovals indicate test of support 

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