Copper Is On The Edge, Says BofA
"Copper is on the edge of resuming its downtrend," is how BofA begins it brief note on the evolution of China's crucial credit-collateral commodity (as we noted earlier). Copper futures limped lower today - fading even as the exuberant stock market ripped on 330pm fundamentals today.
For sure, Gartman will be hoping they are wrong...
As BofAML notes, Copper is on the edge.
The early April break of 3wk Bearish Wedge support says that the counter trend rally of the past several weeks has come to a conclusion and that the larger bear trend is poised to resume. HOWEVER, we need to see a closing break of the Apr-07 6577 low to confirm, until then, bears must stay patient.
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