Copper Analysis 2012-08-23

http://i45.tinypic.com/b5hc2p.jpg

Here is a technical lesson. The candle or bar I have circled is called a Doji, almost a Tombstone Doji. What is it? Most of the bars are either Red or White. Red means it closed lower than it opened and the opposite for White ones. Red means bad day, and White means good day. Doji's open and close at the same general price. The price today opened, rose, and came back down. She tried to rise but could not hold it, and fell.

Overall copper is chopping nowheres. Little up and a little down. You could say she is winding up for something big. When its going to happen and which direction is what we all are wondering. I still think she is going to sink like a stone, but that is just my opinion. I don't want it to, but I don't like what I see and hear out there in the real world.

Happy Scrapping.

Also, a doji may represent a change in direction. At this point we could move back down again, hit support, bounce up again? Or finally break support, and bombs away.

Which direction do you think its going to go?

With the copper ETF's holding physical copper, I would think they would provide a floor around the current price.

Shhh <speaking in hushed voice> Copper is trading at a 60 day high today. Maybe our stockpiling is going to pay off.

Kitco - Spot Copper Historical Charts and Graphs - Copper charts - Industrial metals