New uptrend highs in Copper have been seen in 2011 and the next interesting long term resistance has now been reached. We await reaction around here, looking for bull fatigue clues on the Daily chart.
COPPER HIGH GRADE - WEEKLY CONTINUATION CHART: The uptrend is currently pushing against resistance from the bull channel top projection around 4.6500. We stay on the lookout for resistance here, but a successful break through would turn attention to higher targets such as the 5.0930/5.1070 area, a Fibo projection and equality target (2009/2010 upmove extended from the 2.7250 Jun-10 low). |
 COPPER HIGH GRADE - DAILY CHART MAR-11: The bull channel top at 4.8500 offers current resistance as initial speculation creeps in that the current chart structure could be hinting at possible bull fatigue. In this regard note a negative divergence beginning to appear on the daily RSI momentum indicator. That said a break below the channel base at 4.3400 is needed to provide an early bear sign, with a break/close below the 4.2080 25-Jan low to back this up. A better pullback phase may well get underway  |
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