Is it copper’s time to shine?

Market Pulse: December 3

Over the past few weeks we have seen copper prices on the rise, and last week we read that copper supplies will be tight into the first half of 2013. 

Last week March 2013 copper opened at $3.5425 per pound and closed the week at $3.6500. On the daily chart you can see that the price action in copper played with but never closed below $3.4500 for two weeks in mid-November.

The technicals on the daily chart show the price actions trend strengthening with ADX at 23.9 and DI Differential at 19.46 and rising. MACD is bullish adding divergence from above the signal line along with crossing up over the zero-line on the histogram. Stochastics are now in deep overbought territory, so will want to see ADX continue to rise. On the weekly chart, we see ADX at 32.7 and looks to have stopped dropping, and look at the DI Differential with DI+ well over DI-. Stochastics on the weekly chart are mid-range and rising.

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