Technical forecast for Copper

copper2

Copper nicely held support at 3.2989/2950 yesterday as expected but is breaking lower this morning. A break of last week’s low at 3.2870/840 should trigger fresh selling pressure to target 3.2580. If we continue lower in to the end of the week look for a buying opportunity at 3.2335/2276.

Resistance at 3.3268 is likely to hold the topside but if we continue higher look for 3.3455, possibly 3.3725. Any move from here up to 3.3885 offers a selling opportunity.

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