jsaettele

Copper Bottoming?

COMEX:HG1!   Copper Futures
104 1 6
Trend lows for copper             were made back in mid-January at a long term trendline (line that extends off of the October 2002 and 2008 lows). A view of the daily reveals a possible inverse head and shoulders pattern as well. There remains work to do but the pattern would complete on a rally above 2.14 and yield a target of 2.3435. Incidentally, this level is near a median line that was resistance back in September (55 week and 200 day averages are up there too). Bottom line, copper             looks the most constructive that it has in years. From an FX perspective, this could be tailwind for AUD/USD             . As always, I'll be following near term patterns for entries at http://www.sbtradedesk.com
snapshot

Daily inverse head and shoulders dealing with whiplash...
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