Copper: short term inflection point
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LME Copper: all week we have citing a key short term data point, and while it is basis hourly data it has really been a dominant force in determining price action. The 20 hour average (blue line near 8975) is initial resistance and a failing point the past few days, basis 60 minute data. Recent new top of the hour settlements above (purple vertical lines) have attracted short term technical buying interest. Also, Chart of Day in Newsletter generated substantial buying interest as the 50 month average at 8878 is a very compelling buy zone.
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