Tuesday, February 13, 2007

Copper Charts

Copper is one of the most important tradable base metals. The price of copper topped at the second quarter of 2006 after going extremely parabolic and registering an all time high. I have warned about that extreme situation at least two times.


Copper Futures , Comex : HG & Wednesday, May 31, 2006
Copper HG COMEX Futures

One of the most important indicators for the price of copper is the LME stocks levels which seems to bottom and are up more then 100% since mid 2006.

Currently Copper is oversold and I would like to suggest 220 and 190 as important price levels, on the 50 years chart the 145 seems to be the most important price level.

Copper weekly chart

long term copper chart

LME copper stocks

Monday, February 05, 2007

WTI Charts

Dear readers,

Last year I posted several times about 81$ being a price target for profits taking.





WTI Crude oil contracts topped at July 2006 and broke below the five years uptrend line. Crude bottomed at January 2007 and currently we are witnessing some upside but the downtrend channel is still intact. It is still early to determine if the January bottom is significant or not , using the long term chart as guidance I estimate that a down spike to about 40$ is possible. The 62.5$ - 66$ seems like significant resistance for the March contract. As I see the situation traders should be cautious and quick to take profits.

WTI crude oil    weekly chart March contract

WTI weekly chart

WTI long term chart