As an update to our February 17 warning on copper, here is a follow-up. It began to fall that day and has been slowly declining, down about 13% during the past three months. It may not have the trading-volitility of silver, but is far more important to the China/Industrial Complex. Take a careful look at major support and resistance.
If the reports that the housing bubble in China is deflating are true, couldn’t this potentially evolve into a trend reversal?
Between October and February, gold put in a nice rounded top, only to sprint higher. Copper has put in a very similar top since the beginning of January. We’ll see if chart patterns still continue to be moot.
Nice call Scott. I had been watching FCX for a while looking to get back in. I had taken it off my radar till I saw your post first thing this morning. Got in at 50.56. Looks good right now. I thinking taking some profits at 54.
Bot some calls on SCCO last week … looks like a bottom