The underlying technical outlook for copper remains clearly bullish with completed basing patterns capable of supporting higher objectives in the weeks ahead. Chart measurement actually suggest moves closer to 9300 basis LME 3months. The shorter term trends have flattened out with current weakness just part of the past 6 weeks choppy consolidation pattern. Expect support which extend down to 8120 to cushion falls and only a sustained close beneath here would change the underlying direction.
=========== Cliff c trend; Looks like your technical analysis is right on/correct; especially since i study US trends more so than the LME contract. And since you mentioned the LME, i did a quick study on the LME long term trend & 6 month trend & i still agree with you 8100 area support. But i seldom go against the 1 year trend, which is bearish, isnt it?? Not sure what the LME comments/contract on aluminum is doing @ bottom of copper chart? If 1+/year LME copper contract isnt bearish/downtrend, please disreguard my 1 year trend comment; especially since i couldnt get LME data on the 3 month...