Wednesday, October 28, 2009

Wednesday Commodities Round-Up

Click for a larger image

Regarding the copper market

A.) The 40-41 was a supply area for a month and a half; prices simply could not get over this level.

B.) Starting at the beginning of October prices made another run at breaking through resistance.

C.) Over the last week prices have moved through resistance. After moving through they stopped to consolidate their gains.

D.) Momentum favors further upside moves.

Finally notice the EMA configuration: all are moving higher, the shorter ones are above the longer ones and prices are above all of the EMAs.

This is a bullish chart.