The dramatic decline in copper prices that took place at the beginning of March has taken a breather over the last two weeks as the metal has retraced about 37% of the decline that began on March 6th. A relief rally of sorts is common after such a large and sudden move lower, but copper now finds itself running into a key resistance level at around $3.06. It’s price behavior at this critical juncture should be watched carefully since copper is seen as a leading indicator of economic growth.

Copper doesn’t look soo hot in our point & figure work as the trend is still clearly down.