"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) [3]. 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...
[4]
As BofAML notes, Copper is on the edge.
[5]
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.