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A.) There is a lot of supply in the 40-41 area.
B.) Prices have found support at previously established price levels
C.) Momentum is decreasing, but notice that prices aren't crashing.
Bottom line: so far, it looks as though copper is holding its own.
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The industrial metals chart has the following points.
A.) Prices have been in an upward trend line since mid-February.
B.) Prices consolidated in April and May in a triangle pattern
C.) Prices consolidated in June and July in a pennant pattern
D.) Prices consolidated in August and September in a pennant pattern
E.) Momentum has decreased but prices have simply consolidated to the trend line.
