Copper … Support Fails, Lower Prices on the Way!

Copper futures (symbol: HG) have broken critical support at the $2.9275/lb level this week. Expect continued trade lower with a test of the $2.72 level, and possibly the $2.385 level.

Copper Chart, 28Nov14One signal the trend lower has reversed would be a break above the long-running down trend line which currently resides at the $3.10-3.15/lb range.

Murphy & Co’s Copper model is currently short.  To learn more about Murphy & Co’s position models, visit http://murphycofutures.com/position-models/

Posted in Copper, Gold, Metals, Platinum, Silver, Uncategorized Tagged with: , , , ,

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