Technical forecast for Copper

copper2

Copper caught us out with a break above the trend line at 7388. If we can hold above here today look for 7442/44 & possibly May highs of 7480. We are overbought so we should struggle here but if we continue higher look for tough resistance at 7554 this week.

Immediate support is 7369/67 which could hold the downside but a break lower may mean we have seen the top for this week. We could then drift to 7315 possibly towards good support at 7255/50.

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