Home > commodities, technical analysis > Copper charts – 12-April-2011

Copper charts – 12-April-2011

There has been a lot of chatter about commodities blowing off lately (see this, this & this)… especially Copper (& Silver) which has risen dramatically since the 2009 lows. Copper is considered by many as a leading economic indicator…. without further adieu here is the technical picture for Copper

On the daily chart, copper recently broke out of the descending triangle and the short-term downtrend line… pink line. The medium term price channel (blue lines) is still intact and Copper could go higher and take out the Feb highs (fundamentals story don’t support this view)

The dotted line symmetrical triangle supports the continuation of prior (up)trend.

On the other hand, the weekly charts show a rising wedge pattern which is almost always a bearish sign… if confirmed using other indicators. In the case of Copper, MACD supports the rising trend and is not confirming the reversal… yet

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