Technicals | Feb 16 2012
By Rudi Filapek-Vandyck
Copper is looking increasingly weak on price charts, report technical market analysts at Barclays Capital. It seems to have them worried.
Yesterday, the analysts confidently predicted copper was due for a pull back but at around US$8280/tonne they'd be taking a "long" position. Today, they're not so sure anymore about this scenario unfolding, instead suggesting US$8280/t is the "tipping point". If and when copper prints a price below this level the said analysts would (temporarily) run for the hills instead as that would signal a return to US$7170/t is on the cards they say.
Copper closed at US$8350/t on the LME yesterday.
Technical limitations
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