Copper, the metal with the Ph.D. in economics, remains in a range
and has failed to break down giving hope to equity bulls everywhere.
Figure 1 is a weekly chart of a continuous copper chart. The pink and black
dots represent key pivot points, which are areas of support and resistance
(or buying and selling, respectively). As you can can see copper fizzled out
2 weeks ago at the 2008 highs of 4.0628; this past week it bounced off of support
at 3.6191. (Sorry for the precision!) In any case, this is your trading
range. A weekly close above the highs would imply robust economic growth;
a weekly close below the lows of the range would imply a sputtering world economic
recovery. This is a chart worth watching!!
Disclaimer: Guy M. Lerner is the editor and founder
of The Technical Take blog. His commentary on the financial markets
is based upon information thought to be reliable and is not meant as investment
advice. Under no circumstances does the information in his columns represent
a recommendation to buy or sell stocks. Lerner may on occasion hold positions
in the securities mentioned in his columns and on the Web site; in all instances,
all positions are fully disclosed at http://thetechnicaltakedotcom.blogspot.com/.
However, their positions may change at anytime. For more information on any
of the above, please review The Technical Take's full Terms of Use and Privacy
Policy (link below). While Lerner cannot provide investment advice or recommendations,
he invites you to send your comments to: guy@thetechnicaltake.com.
Copyright Notice: Except for making one printed
copy of this newsletter or any other materials, files or documents available
from, accessible through or published by TheTechnicalTake, LLC for your personal
use (or downloading for the same limited purpose), none of these said materials,
files and/or documents may be reproduced, republished, rebroadcast or otherwise
re-distributed without the prior expressed written permission of Guy M. Lerner.
Circle Us