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Tuesday, February 14, 2012

Technical Analysis, February 14, 2012 – Copper


Daily




There are some interesting technical patterns in the daily chart.  In late October, Copper attempted to rally past the 50 day moving average but failed until a push through at the end of November which ended up failing and setting up a double bottom. 
Early in 2012 Copper finally broke through the 50 day moving average making a beeline straight for the 50 day moving average. 
In the past week Copper broke above the 50 day moving average and has recently sold off back to the 200 day moving average.  A successful retest will turn resistance into support leading to a move to $4.20 and then $4.50. 
Technically the RSI is neutral at 50 and the MACD is ready to roll over.  The MACD may mean lower prices ahead but the RSI is neutral leading me to believe that any sell off will be brief.

Weekly



The weekly chart is a bit more interesting with the price testing the 50 week moving average resistance level.  The RSI and MACD are bullish with the RSI pulling back after approaching the overbought level.  Looking at the weekly chart I am more inclined to look for a short pullback before a move to $4.25.




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Two weeks ago I did an interview with investortoday.ca on 2012.  For those regular readers I am more bullish there than my general commentary for good reason.  Please feel free to check it out and as a reminder the 2012 Investment Forecast is now available.


The 2012 Investment Forecast is now available!!!!
Thank you for your patience. 
The 2012 Investment Forecast is finally finished and ready for sale.  My apologies for the final week’s delay as my original outlet caused some unnecessary consternation forcing me to seek a different outlet.
I am pleased to say that the 2012 Investment Forecast is available through smartwords.com, the world’s largest independent ebook distributor, by clicking here.
Smartwords distributes to Apple, Barnes & Noble, Sony, Kobo, Diesel, and others along with instructions on downloading to your Kindle meaning that this and future work will be available in multiple formats from mobi to ebook to pdf. 
As a sign of forgiveness for being so late I am dropping the price from $20 to $15.  Quarterly commentaries will be priced at $5 while next year the yearly forecast will return to $20. 
If you wish to place a banner ad and help distribute the 2012 Investment Forecast and future works I am offering a 25% commission on all sales.  You can find more information here:  http://www.smashwords.com/about/affiliate


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