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Copper.(FINANCIAL MARKETS)
High-grade copper futures on the Comex division of Nymex hit an all-time record high of 170.75 cents per lb. In June. The monthly continuation chart for nearby copper futures shows prices are in a very steep uptrend from the November 2001 low of 60.40 cents. The monthly chart also shows a big and bullish double-bottom reversal that developed from the major lows in 1999 and 2001. Stock market traders like to keep an eye on copper futures, as this major industrial metal is one indicator of the overall U.S. economic health. Copper can lead bigger moves in the major U.S. stock indexes.
When futures prices push into uncharted territory, traders can examine technical indicators overlaid on longer-term charts to gain some clues regarding a potential major change in price trend. The 14-period Relative Strength Index (RSI) overlaid on the monthly continuation chart for nearby copper futures shows prices are presently in overbought territory, above the 70.00 reading. The present RSI reading on monthly chart is 76.44.
In March 2004 the RSI overlaid on the monthly chart for nearby copper futures hit a high of 79.55 and copper futures hit a high of 139.85 cents. By June 2004 prices hit a downside correction low of 113.20 cents, basis nearby futures, before resuming the longer-term uptrend.
The RSI overlaid on the monthly copper chart suggests a decent corrective pullback of a significant longer-term technical degree is due in the coming few months.
Editor's Note: In lieu of our regular weekly commentary, we are publishing the latest issue (8/4/05) of our bi-weekly newsletter, Trends in Futures, which is written by veteran futures markets analyst Jim Wyckoff. The referenced charts are included as an insert in this week's issue. Trends in Futures (TIF) examines the major futures markets with an eye on the longer-term picture. Subscribers to TIF also receive comprehensive daily updates each weeknite that look at shorter-term trading opportunities. Jim also puts out three trade recommendations every week with entry and exit points. An added feature of TIF is an educational section where Jim writes about trading theory and practices. For more information, call us toll-free at 1-800-221-4352.
SYMBOL=HGU SEP.05 HG COPPER (COMEX) Each Horizontal Line = 250 Points 1pt. = $2.50 Minimum Move: 5pts.(.05) FND: 8-31-05 LTD: 9-28-05 OPTIONS EXPIRE: 8-25-05 High Low 08/12/05 09/30/03 16890 8340 ...
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