Is Copper Going Back to $1.50?

FX:COPPER   CFDs on Copper
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Copper has been in a huge downtrend, and this week -- a holiday week in the US marked by lower trading volume -- saw an even bigger move down. The daily chart here illustrates. The big move down on this past Friday is vital, as it set the market decidedly below support at 2.90.

So where is the next support level? If we zoom out to the monthly chart, we see a clear support level at around $2.51. In the financial crisis of 2008-2009, though, price went all the way down to $1.40. If we get another crash like that -- a viewpoint that has gained discussion based on the fall in price that many commodities have been seeing and the slowdown in economic growth that nations are reporting -- could we go back there or lower?

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