December Copper closed down 4.75 at 287.65. This was 4.40 up from the low and 0.55 off the high.
Technical Outlook
COMEX COPPER (DEC) 09/11/2009: Momentum studies are trending higher from id-range, which should support a move higher if resistance levels are penetrated. The market's short-term trend is negative as the close remains below the 9-day moving average. The market setup is somewhat negative with the close under the 1st swing support. The near-term upside objective is at 300.87. The next area of resistance is around 293.70 and 300.87, while 1st support hits today at 281.30 and below there at 276.08.
Technical Outlook
COMEX COPPER (DEC) 09/11/2009: Momentum studies are trending higher from id-range, which should support a move higher if resistance levels are penetrated. The market's short-term trend is negative as the close remains below the 9-day moving average. The market setup is somewhat negative with the close under the 1st swing support. The near-term upside objective is at 300.87. The next area of resistance is around 293.70 and 300.87, while 1st support hits today at 281.30 and below there at 276.08.
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