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Wednesday, January 14, 2015

Copper Breaks Through Major Support Level & Could Re-test 2008 Lows

The following Weekly chart of Copper shows that price has broken below a major support level of 2.5517 (confluence of Fibonacci Retracement, Fibonacci Fanlines, and downtrending channel) and is hovering above price support level of 2.385.

Failure to reclaim and hold above what is now major resistance at 2.5517 and a drop and hold below 2.385 could see Copper plunging to 2008 lows of 1.255.