Technical forecast for Copper

copper

Copper just held support at 7130 as hoped & headed higher beating resistance at 7212/13 as we look for 7314. We should struggle here but above 7325 could allow a push on towards resistance at 7367/69. This level should be a challenge & it may be wise to exit longs & try shorts a stop above the trend line at 7388.

Support at 7212 but below here could see a retest of 7130/20. We could try longs here again today , with stops below 7100. A break lower then risks a slide to support at 7047 which could hold the downside.

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