Copper’s continuous daily chart shows how precarious things look at the moment. Although the dip six months ago beneath the midpoint support at 3.0273 was a bearish sign, buyers had managed to hold the futures moderately buoyant since. Their support looks to be waning, however, and if and when it fails, look for this vehicle to fall all the way to 2.6300 before it finds traction. _______ UPDATE (October 14, 10:36 a.m. EDT): I’m unpersuaded that this rally will amount to much. The long-term downdtrend projecting to 2.6300 is still very much intact, and this will remain so unless C= 3.4245 is exceeded to the upside. That said, the daily chart has today swung bullishly (and potentially tradably) impulsive, with A=2.8985 on October 10.
