Wednesday, December 26, 2012

mar Copper (update)

Copper was never able to get out of that resistance box and has been selling off since.  I mentioned some possible areas of support and the third one was the charm: around the 3.545 area.  However, this market is now in neutral territory: does it go and retest the recent highs or does it go retest the recent lows?  I will continue to watch for more clues, but on the sidelines now.  Something to keep an eye on though is this market is forming a symmetrical triangle on a weekly chart and looks poised to break out up or down in the next coming weeks.

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