Copper – Channel Collapse Continues

By | June 19, 2015

Copper continues its textbook channel decline, returning again to the 62% retracement of the 2009 low and the 2011 high.

66619.Cooperchart

66619.Copper2chart

This level was tested earlier in the year when it intersected with the channel support line, and a morningstar pattern formed sending price back up to retest the channel top. This time the retracement level does not have the reinforcement of channel support and looks more vulnerable, but if it were to hold, a higher low would be established, which is a first step on the road to recovery.

One thought on “Copper – Channel Collapse Continues

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.