Chart Book
PUBLISHED : Wednesday, 23 July, 2014, 12:14am
UPDATED : Wednesday, 23 July, 2014, 12:14am

Chart of the day: Copper eyes rebound from retreat


Nicole Elliott is a technical analyst with 32 years experience of financial analysis working for some of the world’s biggest investment banks. Her key expertise is in foreign exchange, interest rate products, bullion, indices and commodities markets. Nicole is a regular TV commentator on financial markets and has authored books on technical analysis for financial professionals. She has a BSc from the London School of Economics.

Rolling front month futures contracts for high-grade copper traded in New York show signs of readying for a rebound after falling back from five-month highs in the wake of a warehousing scandal in the mainland port of Qingdao. The retreat from a high of around US$3.30 per pound in recent weeks has brought the price back towards a cluster of supports in the US$3.18 area, including the 50- and 200-day moving averages. A consolidation at this point would lay the foundations for a rally back up to US$3.30, which is also the 38 per cent Fibonacci retracement from a high hit in the first quarter of 2012.

Nicole Elliott is a technical analyst


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