Flag Pattern In US Copper Charts Signal Recovery, Tracks LME Copper

Published 11/21/2012, 07:46 AM
Updated 05/14/2017, 06:45 AM

As analysed in this section last week, LME 3-Mo Copper has indeed moved up in the past few days thanks to positive US housing data and hopes of US averting a fiscal crisis emerged.

LME Chart is now displaying a clear upward movement with support visible at $7590/ton levels with possibility of further move northwards but could remain volatile on global uncertainties. LME 3 Mo copper closed 1.45% up at $7693.50 per ton on Monday.
LME_Copper_Recovery
Now the Nymex December copper futures chart is also showing signs of breaking the downward channel in a "flag" formation on technical charts indicating further upward movements with support at $3.40/lb and resistance seen at $3.55. Recovery beyond this level can push prices to $3.62 to $3.65 in the near-term. Stochastics is in positive territory while MACD is in negative.
US_Copper_flag

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