Copper Analysis 2012-05-10 with Gold

The end of last month we had a nice run up but halted at the green circle, and headed back down to find support. Is this area going to hold again?

I drew in a W which represents Winner. This second touch of support formed a double bottom or W. I can also show a bearish outlook because she did not retest the recent highs. Who knows.

The overall markets are at a breaking point. The S&P could have formed a Double Top and is slowly making lower lows. Not good. The Russel is showing a Head & Shoulders pattern and we are at the neck line. If we go below the neck, bombs away.





Figured I would add Gold as well. As you can see we are in a downward channel. Until we break the upper trendline, we will continue headed lower.

As of now we have a whole lot of sideways action going. It could get ugly pretty quick though.

I am up NorthWest in Sussex County

So I take it that we should hold into copper and any gold bearing ewaste till markets stabilize?

I have said for a long time copper will not hit the 4-5 dollar mark so many think will happen. $3.60-3.90 is the norm. I will see the market bouncing in that area for awhile.

Racer, where are you in ct? I might be able to hook you up with a friend of mine.

Call cable management and tell them Jim from High Voltage sent you. They are in meriden, ct.

He is at $3.23 last I checked