Wednesday, June 12, 2013

Copper ETF Breaks Key Support

The JJC chart has two key levels right now. The first is is in the lower 43 area -- the price level established early last November.  Prices tried to advance through this level three times in May and June, only to fall back.  The second important price level is the 40-40.5 area which was prividing support for prices.  Prices moved through this level at the beginning of the week.  Also note the continued underlying weakness of the technicals: The MACD stalled at 0 and has had a neutral reading for the last month; prices are below all the EMAs, including the key 200 day EMA.