07 Sep 2015 Technical Chart Copper Keep an eye

COMEX copper had formed a complex pullback, which had faced resistance near the 61.8% retracement of the entire previous fall ($3.294-2.419). From the key Fibonacci level, the red metal tumbled towards a crucial multi-month trend line and the lower end of the medium-term falling channel. Copper formed a short-term base near those supports and has started moving up. It has surpassed a medium-term falling trendline. The short-term momentum indicators have turned bullish. Thus, copper can attempt a bounce till $2.50-2.58. The recent low of $2.209 will act as a strong support.


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