Chartology: Copper Trying to Hold Above Key Support

Stock ChartsCopper prices broke down in early May, forming a right shoulder to a possible three year head and shoulders pattern. In short, it would be very bearish if copper prices were to break below the neckline. Furthermore, this would be an ominous sign for the global economy.

But no need for over concern just yet. For now, Copper is almost 10 percent above neckline support. And remember, this is support until proven otherwise. For more charts on [precious] metals, click here.

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Copper price chart with support and resistance, trend lines, and price analysis as of July 15, 2012.

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No position in any of the securities mentioned at the time of publication.

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