Wednesday, October 7, 2009

Wednesday Commodities Round-Up

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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.