Technical forecast for Copper

copper1

Copper for August tested recent highs of 319/20 & failed just below 322. We are overbought short term now so we could see continued profit taking today. Immediate support is 316.95/65 but below here we have a gap to fill at 314.70/30. Look for a low for the day here to exit shorts & try longs with stops below 313.80.

If we hold on to 316.65 look for a return to 319/320. A high for the day very possible here but shorts need stops above 322 for a test of Fibonacci resistance at 324.

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