Copper Finally Pulls Back

Copper has been in rallying mode since December 15, 2011. At that time, the iPath Dow Jones Copper Subindex Total return ETN (NYSE:JJC) was trading as low as $42.64 a share. This morning, the JJC is trading lower by 0.57 cents to $48.56 a share. Short term traders can watch for intra-day support around the $48.40, and $47.85 levels.

Southern Copper Corp (NYSE:SCCO), and Freeport McMoRan Copper & Gold Inc (NYSE:FCX) are also two leading copper producers that are declining lower with the industrial metal. SCCO stock will have intra-day bounce support around the $35.00, and $34.25 levels. FCX stock will have intra-day support around the $43.00, and $42.50 levels. It is important to note that copper and the copper stocks will usually trade inverse to the U.S. Dollar Index.

About Nicholas Santiago 575 Articles

Affiliation: InTheMoneyStocks.com

Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He managed money for a large, affluent private client group. After applying his knowledge to his client base, he decided it was time to begin teaching those interested in learning his methods. He is an expert in Technical Analysis. He has become an accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. In 2007, he partnered with Gareth Soloway to form InTheMoneyStocks.Com and realize his dream of educating others about the truth of the markets.

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