High Grade Copper Futures Form 1-2-3 Bottom

We’ve been watching High Grade Copper futures (see our previous post: New Multiyear Low in Copper Reached Yesterday) and now a wide 1-2-3 bottom has formed over the past several weeks. See the July Daily High Grade Copper chart below.

We will be going long High Grade Copper when prices break above the #2 point of 3.069 on the July chart.   The 50% Retracement Level on the daily chart is 3.13, which doesn’t give us a lot of upside potential, but we also have the 50% Retracement Level of 3.20 as shown on the Weekly High Grade Copper chart (see below).

Daily High Grade Copper chart - July 2014Weekly High Grade Copper

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