Update For: Thursday
Posted On: Wed, 30 Jul 2008 17:10:09 GMT
LME Copper
Last Price: 8075
Support: 8010, 7940, 7820, 7760
Resistance: 8090, 8185, 8260, 8355
ALERT: Dear Subscribers, Copper and Aluminum MAY have just put in primary-degree tops (July 17). It's a very important moment; watch my new video for details. -- Mike Drakulich, Metals Specialty Service editor. (Have Feedback? Use the Feedback Box below the video.)
Dear Subscribers, I am watching two very important indicators in gold and silver that could prove key for the trend from here. Watch my latest video for details (July 24). -- Mike Drakulich, Metals Specialty Service editor. (Have feedback? Email me via the Feedback Box below the video.)
 I've been harping on the importance in LME COPPER of this key test of the critical 200-day MA near 7820 - I don't do that "harping" for my health! Today saw almost a direct MA hit as prices bottomed at 7835 then reversed sharply intraday and got fairly close to the 50-day MA near 8185, prices closed near 8060 - a wild session. Was this a KEY reversal day is the huge question to ask. There is yet no easy answer but the odds of an important bottom possibly forming did imporve a decent bit today. A rally and close back above the 50-day MA would be an important event. I do view the decline from the recent all-time high to today's low a being corrective so far. Support at 8015 and 7940, resistance at 8090 and 8185. Mike Drakulich
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