04.04.2014 - Should it be Dr. Copper or Pinocchio?
Many observers have pointed to the recent weakness of the copper price as an indication of a forthcoming decline in commodity prices generally. Copper is said to have a Ph.D. in economics, hence, the “Dr. Copper” title, because it is regarded as a sensitive indicator of business activity. But is that still true? Looking at the first chart, one cannot escape the conclusion that the price of the red metal has completed what we technicians call a head-and-shoulders top. The vertical blue arrow on the left calculates the maximum depth of the pattern, which is then used to establish a price objective when applied at the point of breakdown....................................Full Article: Source