Wednesday, June 26, 2013

Copper Is At Critical Support

Notice the incredibly weak position of the copper ETF.  It's trading near 1-year lows; prices are below the 200 day EMA (which is also moving lower).  All the shorter EMAs are below the 200 and moving lower.  Momentum is incredibly weak. 

On the weekly chart, prices are right around the 36-37 level, which has provided critical technical support for the last three and a half years.