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Copper has gone parabolic today since European market opened and specifically since Eurozone Service ISM came out better than expected. The prior resistance at 37.20 level (Dec Copper) has been touched 3 times already and if we get to this level again, it's most likely that it will be breached (how many times have you ever heard of anything getting quadruple tops?). If it does, then the rest of risky assets are likely to take off as well, including US stock.
It seems like that the odds are stacked against bears. |
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