The Bonddad Blog
Still nerdy after all these years
Wednesday, May 5, 2010
A Look At the Copper Market
At point (a), prices sold off before reaching a new high. This is an early indication that a trend change is possible.
At point (b), prices sold-off, printing a very strong downward bar (c) after running into resistance at an EMA.
Prices consolidated a (d), but couldn't stage a rally.
Over the last three days, we've seen some very strong downward bars (e).
This is a weekly chart, so the last bar (a) could change by Friday. But as it stands today, prices have moved through long-term support and are resting at an EMA. That is a very important development.