Technical forecast for Copper

copper4

Copper did break lower to target late 2011 lows of 299.40 as expected. Failure here risks a test of long term Fibonacci support at 295 today. We are getting very oversold so there is a good chance of a low for the day & possibly for the one month correction.

Resistance at 300.50-301.50 then 304.50/00 which could hold the topside.

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