Technical forecast for Copper

Copper made it almost exactly to resistance at 310.80/00 & topped out as we retest 302 lows. Today’s outlook remains weak so a break lower could target late 2011 lows of 299.40. Failure here risks a test of long term Fibonacci support at 295.

310.50/00 remains tough resistance & we should struggle here again today on any bounce. However a push higher could target then 313.80, possibly 316 at a later stage this week.