What’s Up, What’s Down: Copper on an Uptrend

Comments for Monday, November 2, 2009

Looking Ahead to Today by Reflecting Back at Friday’s Price Action

METALS:

Lower closes last Friday for copper, gold, silver and platinum. I thought copper has put in a near term top but with its BULL TRIANGLE in place, it should continue higher overall. Gold, silver and platinum also sold off sharply but didn’t rally off their lows to close better than it looked like they would. Silver is also in a BEAR PENNANT. All are in long-term up-trends but are still showing toppy action at this time.

Copper Chart

Silver Chart

See the balance of my morning comments, including the Metals, Softs, Energies and Grains, at my website. For my complete coverage, visit my commentary page at www.markethead.com.

Rick Alexander has been a broker and analyst in the futures business for over thirty years. He is a Vice-President for Sales and Trading at the Zaner Group (www.zaner.com) a Chicago-based futures brokerage firm. If you would like a free booklet explaining the charts mentioned above, email Rick at ralexander@zaner.com.

The information in this Report and the opinions expressed are subject to change without notice. Neither the information nor any opinion expressed constitutes a solicitation by Rick Alexander or the Zaner Group of the purchase or sale of any futures or options. Futures and options trading is speculative in nature and involves risks. Spread trading is not necessarily less risky than outright positions. Futures and options trading is not suitable for all investors.