{"id":57333,"date":"2010-10-21T10:14:49","date_gmt":"2010-10-20T23:14:49","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2010\/10\/21\/correction-bells-sounding-for-copper\/"},"modified":"2010-10-21T10:14:49","modified_gmt":"2010-10-20T23:14:49","slug":"correction-bells-sounding-for-copper","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2010\/10\/21\/correction-bells-sounding-for-copper\/","title":{"rendered":"Correction Bells Sounding For Copper"},"content":{"rendered":"<p>\n\tBy Rudi Filapek-Vandyck<\/p>\n<p>\n\tGold is looking dodgy, and so does crude oil, but the one commodity asset standing out in a negative sense right now is copper, report technical commodity analysts at Barclays Capital.<\/p>\n<p>\n\tThe analysts believe the bounce back in copper futures on Wednesday, carried by general relief across risk assets in general, won&#039;t change the fact that copper is likely to reverse trend in the medium term. Investors still looking to jump on board of this runaway QE2-fueled risk assets rally should maybe pay attention?<\/p>\n<p>\n\t<img decoding=\"async\" alt=\"\" src=\"http:\/\/www.fnarena.com\/ckfinder\/userfiles\/images\/Copper_correction_Barclays.jpg\" style=\"width: 680px;height: 447px\" \/><\/p>\n<p>\n\tOne of the factors fueling Barclays&#039; analysts view is that copper broke below two month trendline support (now at US$8377\/tonne) plus the fact that Tuesday&#039;s price action placed a so-called &quot;bearish engulfing candle&quot; on price charts, and the latter happened on the largest market volume since 05 May this year.<\/p>\n<p>\n\tThis, suggest the analysts, indicates a near-term turn in trend.<\/p>\n<p>\n\tHowever, against the old April highs and previous &quot;congestion&quot; in the US$8010\/8045 zone, the analysts also believe any pullbacks are likely to remain corrective within an ongoing positive trend.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite Wednesday&#8217;s price action, Barclays&#8217; technical analysts believe there are reasons to believe copper is due for a larger correction.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[23],"acf":[],"_links":{"self":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/57333"}],"collection":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/comments?post=57333"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/57333\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=57333"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=57333"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=57333"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}