Dr. Copper Falls Through the Ice

May 5, 2011 2:43pm by

Chart of the Day: Dr. Copper broke through its support at 4.10 and is below 4.00 for the first time since early December. Lots of flakes in this chart as head and shoulder patterns are ubiquitous. Copper is a very crowded trade and some big players have bet the ranch. Unless we get an intraday reversal in the Doctor, it looks like the next stop is 3.60. Maybe it’s time to start channeling our inner Jim Chanos or rather our margin clerk?

(click here if chart is not observable)

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