Technical forecast for Copper for 19th May 2013

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Copper made it to resistance at 7367/69 where we advised to exit longs & try shorts with a stop above the trend line at 7388. This trade worked perfectly as we topped at 7367.25. Below 7310 today should see prices slide towards 7275 then 7253. If we cannot hold on here look for good support at 7112. A good chance of a low for the day here to we can use this level for profit taking but be aware that a break lower could target 7137/30. Try longs with stops below 7090.

7367/69 remains tough resistance for a selling opportunity but a break above the trend line at 7388 would put bulls back in control for 7442/44, possibly May highs of 7480.

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