Wednesday, July 13, 2011

Copper Has Broken Through Key Resistance Levels

If you need something to be hopeful about, let this be the answer: copper has broken through key resistance.

The chart is short-term bullish. All the EMAs are moving higher, the shorter EMAs are above the longer EMAs and prices are above all the EMA. The MACD has also given a buy signal. After an initial burst, prices are now consolidating gains.

While we're hardly in rally mode, the advance is welcome.