Put this in the category of it ain't over until it is over.
See figure 1 a weekly chart of a continuous futures contract of copper. Copper
probed above the key pivot (resistance area) at 4.1263, but failure to close
above this level suggests continued risk to the global economy. As I stated
on August
14, 2011: "Dr. Copper, that metal with a Ph. D. in economics, isn't looking
so hot. In fact, it is at a reasonable risk of breaking down thus highlighting
the current risks in the global economy."
Figure 1. Copper/ weekly
With prices likely to close the week below this key pivot, those risks still
remain. So watch that pivot!
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