Technical forecast for Copper

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.

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