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"Silence is one of the hardest arguments to refute."
--Josh Billings

Tuesday, November 15, 2011

Zeroing in on Copper

At the moment, the 50 sma (red) on the Daily timeframe is holding price down on Copper, as shown on the chart below.

A closer look at the one-hour chart below, shows a confluence of Fibonacci and trendline resistance at 3.54...at the time of writing this post in after-hours trading, price reached up towards this level and fell back to near-term support...a further drop could send price back down to 3.45...otherwise, a move and hold above 3.54 could see price reaching 3.60 or 3.62. Volumes were elevated today, so a major move may be imminent.