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February 13, 2012,Copper: Key Fibonacci level




Copper formed a triangle in the second leg of the pullback. With the triangle breakout, it formed a third leg on the upside, which achieved its equality target ($3.9). The base metal has also reached the weekly upper Bollinger Band as well as the 61.8% retracement mark ($3.95) and has posted a weekly negative close there. Hence unless the key Fibonacci level is crossed on a weekly closing basis, there is a high probability that the bears start pushing the red metal down. The target on the downside would be the swing low of $3.38.
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