$3.00 is a key support level for copper

Based on this chart for data up to Oct 20, 2011; copper has a negative technical profile. The intermediate trend is down with major support around the $3.00 level.

View my recent chart analysis for Teck Resources.

View Kitco for updated charts and other time periods.

Current articles pertaining to commodities:

•  Copper dives 7% as double-dip fears bite — Globe and Mail,  Oct 20, 2011
•  Falling copper points to global pain — Globe and Mail,  Oct 23, 2011
•  Sprott buys up energy stocks at recession prices — Financial Post,  Oct 24, 2011
•  Base metals extend rally  — Financial Post,  Oct 25, 2011
•  Investing in the material sector with ETFs  — Globe and Mail, Oct 25, 2011
•  Copper falls on Italy, Greece debt woes  — Financial Post,  Nov 7, 2011
•  Metals and mining sector about to take of   — Financial Post,  Nov 7, 2011
•  Copper posts first gain in 5 weeks  — Financial Post, Dec 2, 2011
• Copper and oil top picks in 2012: Scotia — Financial P0st, Dec 22, 2011
• Copper neared a four-month high in New York — Financial Post, Jan 17, 2012

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Note: This technical analysis is for educational purposes so you can learn to trade online using candlestick charts. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The chart snippets are from BigCharts.com which I recommend and have used for fifteen years. The author of this article may hold long or short positions in the featured stock or index.

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