Chart of the day 15th December 2016 : Copper (HG), is the current bull run sustainable? Fundamental short term demand from China/ US key? Price up 30% from the end of Oct. Price over shot longer term 2 standard deviation bands (highlights extreme move) but is settling back to key Fibonacci line at 2.56 (LME 5500/5600 area) so could be basing in anticipation of a further up run? Up side possible targets 2.95 (approx 6500 LME)?
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Information provided by Stephen Hoad BA Hons, MSc, MSTA – full time trader, technical analyst and one of the UK’s leading trader trainers. Currently a lecturer for the Society of Technical Analysts.