Technical Analysis: Metals

7

0
LME 3−Month COPPER
Fri, Mar 20 2009, 10:31 GMT
by Nicole Elliott
Mizuho Corporate Bank
Comment: Slowly, almost imperceptibly, LME 3-month Copper has completed a ‘rounded bottom’. The Ichimoku ‘cloud’ chart confirms that we have started a new bull market, and if the formation was classed as an inverted ‘head-and-shoulders’ its measured target would be $5100. This is still well below the Q2 2006 to Q3 2008 average of $7500. The next question is to what extent any increase is due to rising demand or to a weak US dollar. A bit of both probably, with a little extra dollop of demand so that priced in Euros it rallies towards €3800 per tonne.
A weekly close below $3400 would force us to adjust.
Published on
Fri, Mar 20 2009, 10:33 GMT
Archive
- Spot PLATINUM
Published On Wed, Jun 24 2009, 16:15 GMT
- Spot GOLD
Published On Tue, May 19 2009, 09:42 GMT
- LME 3-Month COPPER
Published On Fri, Mar 20 2009, 10:31 GMT
- Spot SILVER
Published On Mon, Jan 26 2009, 17:20 GMT
- Spot GOLD
Published On Thu, Oct 9 2008, 14:54 GMT
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Mizuho Corporate Bank
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