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Saturday 31 Oct 2020
FWP Network > Forexhound.com > Analysis > Commodities Analysis > Metals > Technical forecast for Copper
Technical forecast for Copper
Metals · analysis, binary option, buy sell, candlestick, charts, day trade, day trading, down trend, fibonacci, forecast
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.