Technical forecast for Copper

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Copper for August has run out of steam this week as we trade in a range from 315.35/70 up to 322.55. We are battling an overbought stochastic but could hold on to 317 to test 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.

A break lower however finds support at 315.15/314.70 which held the downside nicely yesterday as predicted. Look for a low for the day here again to exit shorts & try longs with stops below 313.80.

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