Technical forecast for Copper

copper1

Copper held resistance at 3.3767/3800 for a selling opportunity with stops above 3.9000 & this trade worked perfectly as we topped at 3.3880. Support at 3.2989/2950 also held the downside where we predicted a low for the day. Watch these levels again today therefore. A break lower is likely to see a retest of last week’s low at 3.2870/840 but below here risks a
slide as far as 3.2540.

Resistance at 3.3767/3800 is likely to hold the topside again for a selling opportunity. However a break above 3.9000 should test the 200 day moving average at 3.4095 & a high for the day.

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