Copper Chart Bullish for Economy

08/06/2009 10:07 am EST

Focus: COMMODITIES

Thomas Aspray

, Professional Trader & Analyst

chart
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In a recent Trading Lessons article, we noted that copper's weekly OBV was very strong, and now, the Fib resistance at 278 has been reached. The OBV is now challenging the 2007 highs, so expect the 300-310 level to be reached as well. This would be very bullish for the economy. There is initial support in the 240-245 area.

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