Technical forecast for Copper

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Copper broke 7045 as hoped to reach the next target at 7099/7111. We continued higher as we build momentum to reach resistance at 7203/06. If we can hold above 7136 & beat 7203/06 today look for a test of strong resistance at 7253. We could see prices top out here today but any shorts could use stops above 7280 for a move to 7307. A push through 7330 then signals a test of very strong resistance at 7367/69 for a selling opportunity at this stage.

Failure to hold above 7137/36 however could see a drift back to 7111/09. The daily outlook is improving so this could be as far as we fall but on a break lower look for support at 7045.

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