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01 Nov 2016 Copper Looking for a breakout



COMEX has formed a multi-month triangular pattern. Since the beginning of October, copper has been tumbling toward the lower end of the pattern. Near the lower end, the bulls rushed in to provide support, leading to a rally last week. The daily & weekly momentum indicators are in line with the rally. On the way up, $2.23-$2.28 will be the key resistance area to watch out for. Once that is crossed, copper can head toward $2.48. On the flip side, the swing low of $2.084 will act as a major support.

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