Technical forecast for Copper

copper

Copper broke 6885/75 to bottom out just above the next support at 6775/65. If we can get back above 6995 look for 7040 but above 7060 we could hit resistance at 7107/12. We should struggle here but if we push higher next target is 7205/10 where we should encounter selling pressure.

If we break higher later in the week we could test 7305/10 to try shorts with stops above 7330. Below Friday’s low of 6085 we could retest last week’s of 6800. Longs here need a stop below 6775/65 for 6710/00 then 2011 yearly lows at 6635.

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. www.daytradeideas.com has established itself as the leading provider of... More