Patterns suggested that Copper and Freeport McMoran were at price points that they could get “tripped up” and decline. (see post here)
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Since that post, FCX has broken a key support line dating back to the July lows. A few weeks ago the Commodity Research Bureau Index (CRB) hit its 50% retracement level. (see post here) IMHO the price action of Copper and the CRB index are suggesting at a minimum to harvest various commodity positions! Are they suggesting the economy is starting to slow down? Some will say yes…
Bob…good question. For a month now, I have been open to and scoring on defense by shorting Silver, yet so far I am not ready to short copper. If Copper really does break down, plenty of room to score on defense in the Copper arena.
Harvest, but not go short? Is that because this might just be a brief setback at resistance?