Copper 02 (Nov 12 - Dec 25)

Re: Copper 02 (Nov 12 - Dec 14)

Postby winston » Thu Dec 11, 2014 7:55 am

OIL CRASH: Must-see chart shows this time could be different by Chris Kimble

CLICK ON CHART TO ENLARGE

When crude oil was trading above $90, the “Power of the Pattern” suggested that the most important commodity on the planet could trade down to at least $70.

Joe Friday shared a few weeks ago that if crude were to break below this long-term support line, it could then fall to the $35 zone.

The above 2-pack takes a look at crude oil and copper. As you can see, both of them are testing support lines (1). Each of these lines have been in place for over a decade.

So far the decline in crude oil and copper has been totally dismissed by global equities. Will stocks continue to stay strong if these long-term support lines are broken by 5% to 10% below current prices?

At this time, support is support until broken!

In my humble opinion, I feel stocks could end up in trouble if selling pressure picks up on a solid break below support lines (1)

Source: Kimble Charting Solutions

http://thecrux.com/stunning-chart-says- ... 37gMXBU%3D
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Re: Copper 02 (Nov 12 - Dec 14)

Postby winston » Fri Dec 19, 2014 9:29 pm

A bad year for copper… prices are down 15%-plus in 2014.
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Re: Copper 02 (Nov 12 - Dec 15)

Postby winston » Tue Jan 06, 2015 7:54 am

Copper continues to struggle… prices are down nearly 13% since July.
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Re: Copper 02 (Nov 12 - Dec 15)

Postby winston » Tue Jan 06, 2015 8:45 pm

PUT THIS DOWNTREND ON YOUR WATCH LIST

Put copper on your watch list today... its weak price action is worth concern.

Regular readers know we monitor copper to get a read on the global economy. The metal is a vital ingredient in everything around you... like home wiring, plumbing, cars, electronics, and refrigerators. This "in everything" quality makes copper rise and fall with economic activity.

Last year, copper spent most of its time trading above the $3-per-pound level. But over the past three months, copper has dropped below that level and more.

It's now trading at its lowest level in more than four years. In order for us to believe the global economy is on stable footing, we need the price of this vital building ingredient to stop hitting multi-year lows.

Source: Daily Wealth
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Re: Copper 02 (Nov 12 - Dec 15)

Postby winston » Wed Jan 07, 2015 6:50 am

This Is the Ugliest Chart in the Market Right Now By Jeff Clark

The downtrend in copper continues.

Over the past two years, we've written bearishly about the metal's prospects. Copper is down around 16% over the past year … and 24% over the past two years. And the trend shows no signs of reversing…

Take a look at this weekly chart of copper…

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Copper broke down from its high at $4.50 per pound back in 2011. On Friday, the metal closed right on critical, long-term support at $2.80 per pound – a downside target we first pointed out in March 2013.

Now that copper has hit that long-term downside price target, I'd love to tell you the price is ready to reverse and copper should head higher from here. But I can't. The chart is just too ugly.

Look at the Moving Average Convergence Divergence (MACD) momentum indicator at the bottom of the chart. It has been falling over the past several months along with the price of copper. This means the downtrend is intact and the price is likely to continue lower.

If copper breaks below the $2.80 level, it could kick off a steep decline all the way down to the next support line at $2.20. A failure to hold that level then brings the $1.40 support line into play.

We've seen this sort of "waterfall decline" in copper before. Just look at the action back in 2008 – when copper fell from $4.00 per pound all the way down to $1.30 in just six months. It looks like something similar could happen again.


Source: www.growthstockwire.com
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Re: Copper 02 (Nov 12 - Dec 15)

Postby behappyalways » Thu Jan 15, 2015 10:59 am

What copper drop says about US economy
http://video.cnbc.com/gallery/?video=3000346547
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Re: Copper 02 (Nov 12 - Dec 15)

Postby winston » Wed Jan 28, 2015 6:56 am

Copper prices are down more than 11% in 2015.
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Re: Copper 02 (Nov 12 - Dec 15)

Postby winston » Thu Feb 19, 2015 10:26 pm

A Bullish Sign for This Beaten-Down Commodity By Jeff Clark

Last month, I told you about the ugliest chart in the market.

Copper was sitting precariously close to an important long-term support level. If it broke down, I said it could lead to a sharp decline.

That's exactly what happened.

The price of the metal has fallen 13% so far this year.

But now, the "ugliest chart in the market" is starting to look a little better…

Take a look at this updated weekly chart of copper…

Please Enable Images to See this

As I said, the price of copper has fallen 13% so far this year. And looking just at this weekly chart, the metal could fall further from here before hitting support at about $2.20 per pound.

But if we zoom in closer and look at a daily chart, things don't look so bad for copper…

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Since hitting a low of about $2.40 per pound three weeks ago, copper has rallied and formed a higher low on the chart. That's a good short-term sign.

Even better, the chart now has the makings of an inverse "head and shoulders" pattern. In other words, the chart has bounced off the bottom, pulled back to form a higher low, and then rallied again to a higher high. This is a bullish pattern that typically marks the end of a downtrend and the start of a new uptrend.

If copper can rally above last week's high of $2.60, then the pattern indicates there will be a move all the way up to $2.80 per pound. In other words, copper looks poised to rally and recover all of its losses for the year so far.

But before we get too excited about a new uptrend in copper… go back and take another look at the long-term weekly chart.

The $2.80 short-term upside target lines up with the previous support line on the weekly chart. That area is now resistance for the price of copper. The metal is not likely to break through that level on the first attempt.

So while copper looks good in the short term, there's still work to be done before it looks good on the longer-term chart. But the "ugliest chart in the market" is starting to look a little better.

Source: www.growthstockwire.com
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Re: Copper 02 (Nov 12 - Dec 15)

Postby behappyalways » Fri Mar 06, 2015 5:55 pm

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Re: Copper 02 (Nov 12 - Dec 15)

Postby winston » Wed Mar 25, 2015 9:26 pm

Copper prices jump 8%-plus over the past month.
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