If March Copper makes a lower low today on the daily chart, it will quickly approach a midpoint pivot at 2.938 that could be a turning point for a very oversold market. Traders should bid 2.940 with a stop at 2.932. If the stop is hit, the futures should be presumed bound for a ‘D’ target at 2.732, a level last seen four months ago. (Posted by Harry) ______ UPDATE (9:40 a.m. EST): Commodities are getting schmeissed this morning, and Copper has overshot its mark, stopping us out for a $200 loss. The futures now appear bound for a minimum 2.9120.
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