Tuesday, September 11, 2012

Copper Breaking Out

On the weekly chart, the copper ETF traded right about the 42 price level for a three months, while also consolidating in a triangle pattern.  Over the last four weeks, prices have broken out and are now above the 200 week EMA.

On the daily chart, prices traded between 42 and 45.  However, over the last two trading days, prices have spiked on strong volume and are now above the 200 day EMA.