Technical forecast for Copper

copper1

Copper failed at the first hurdle of 6995 & this level should act as resistance again today. If we break above 7000 however look for 7024/34 & possibly a test of resistance at 7107/12. We should struggle here but if we push higher next target is 7160/65 where we should encounter selling pressure.

Below Friday’s low of 6875 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