Technical forecast for Copper

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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.

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