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Technical Analysis Special
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LME 3−Month LEAD
Wed, Apr 22 2009, 08:37 GMT
by Nicole Elliott
Comment: A lot bouncier than it’s name might suggest, rallying back up to October’s highs along with LME 3-month Copper and Zinc (whose chart patterns are very similar to this one). This year’s rally underlines how very important ultra-long term support around the $800 mark is. The daily Ichimoku ‘cloud’ was broken some time ago confirming the start of a new bull trend, though a very large weekly ‘cloud’ currently lies above current prices and between $1600 and $2150. Allow for some consolidation around $1600 this month, with dips towards $1300 seen as decent buying opportunities for another push up to $2000/2200 later this year. Above $2500 on a first attempt is considered unlikely.
A weekly close below $1200 would force us to adjust.
Published on Wed, Apr 22 2009, 08:39 GMT
Archive
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Published On Thu, Nov 19 2009, 13:11 GMT - ICE Coffee future
Published On Wed, Jun 3 2009, 12:53 GMT - CBT Soy Bean future
Published On Wed, Apr 22 2009, 10:40 GMT - LME 3-Month LEAD
Published On Wed, Apr 22 2009, 08:37 GMT - CBT Wheat
Published On Tue, Aug 12 2008, 10:49 GMT
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