Copper: 19th July 2013

19th July 2013
Copper (Click to enlarge)
Copper is consolidating sideways in the 405-426 range and has formed a triangle pattern inside that range. A break on the either sides of the triangle can give huge moves. Above 418, the target is 425. if 425 breaks then potential targets are 432-438. On the downside, if the the 412 marks break then we can witness 406 levels. If 406 breaks, then the potential targets are 400-393.
The 1 year chart presents another interesting view.
Copper - 1 year (Click to enlarge)
The fall from 462 to 366 took close to 6 months and the 61.8% retracement is at 426 levels. And so 426 became a stiff resistance. Now if the triangle breaks below ( 412 is broken ) then potential target for copper is 403-390-366 over the next few months.
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