Technical forecast for Copper

Copper is stuck in a range. Trend line resistance at 3.300/040 did hold the topside as predicted & should do so again today. However above here look for a selling opportunity at 3.3240/3275. Over night we have reached the target of 3.2595 but the outlook remains negative & we could test support at 3.2450/2400.

Below here look for last week’s low & the 100 day moving average at 3.2225/2200 for a buying opportunity. Just be aware of short term trend line resistance at 3.2845 on any bounce this morning.