Attempting to Break Resistance in the Copper Market

I’ve discussed the copper ($HG_F) market a few times on the blog. Most notably, we looked at the consolidation late last year, and the bearish setup in February that took the commodity down nearly 25%. Now it appears copper is attempting to break resistance. This is the topic of my latest TraderPlanet article.

Here’s a piece:

With the downtrend from the February high we were able to draw a trend line through the lower high in May (dotted blue line). With the recent price action, copper has been able to break above this trend line and test the May high of $3.40. This also happens to be where the 50% retracement level sits from the prior correction off the February ’13 peak.

Read the rest here: Attempting to Break Resistance in the Copper Market (TraderPlanet)

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