Technical forecast for Copper

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Copper for August made a break above the 322 stop level but quickly sold off towards support at 316.95/65 & bottomed at 317.70. Today’s outlook remains negative & a break below 317.70 should test 2 week trend line support at 316.15. If we continue lower we should fill a gap at 315.15/314.70. Look for a low for the day here to exit shorts & try longs with stops below 313.80.

If we hold on to 318 we meet resistance at 321/322. A high for the day is expected here but shorts need stops above 323 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