Technical forecast for Copper

copper1

Copper failed to beat resistance at 321.50 which did trigger a drift lower to 318.50 as expected. This just held the downside as hoped as we bottomed just below at 317.80. We are just starting to look oversold on the daily chart. If we can beat resistance at 322/323 we could start to look for a recovery. We could then look for 326/327, perhaps later in the week but this could hold the topside if seen today.

If however we continue lower look for another test of last week’s low at 316.30/00. Any longs need a tight stop on a break lower as this risks a test of support at 313.

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