Technicals | May 19 2011
By Rudi Filapek-Vandyck
Investors should not be fooled by overnight price movements on the LME in London, suggest technical market analysts at Barclays. They remain convinced the immediate outlook for silver, crude oil and copper, to name but a few, remains to the downside.
This is why, at this stage, the analysts continue to recommend investors look to sell into rallies towards the US$9200/t price level. A decisive break below the US$8700/t area would confirm this correction will not end before the price of copper prints US$8000/t, or something very close to this level, the analysts suggest.
They do anticipate that once the present correction has run its course, a greater uptrend is to resume, but not sooner.
Technical limitations
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