Technical forecast for Copper

copper2

Copper could not hold above 316 which kept us under pressure & we are close to the 309.50 target now. We are oversold short term & on the daily chart but it is not wise to fight the down trend so watch for a break lower to target 307.50/00 & possibly strong support at April & May lows of 306/305. A low for the week looks likely here.

Resistance at 312.25/65 could hold the topside but above here we could reach 313.80/85 & a high for the day likely. Any further gains should run in to problems at 316.00/30 for a selling opportunity.

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