COMEX:HGU2012 COPPER FUTURES (SEP 2012)
Copper price action is showing inversed Head and Shoulder pattern with a successful break out above resistance neckline. The price is sitting just inside upper BB level and Stoch indicator is reaching overbought level. Support on the downside is located at 3.40, the neckline level, which is also 20 and 50 period SMA level. Alternatively resistance on the upside could be located at 3.57 which is 200 Day SMA.