Technical Forecast for Copper

Copper broke Friday’s low of 6875 but recovered quickly from 6775/65. We keep spiking up when we test the 6815/6765 area so there are obvious buyers at these levels. However it looks increasingly likely they will get run over by the down trend sooner or later. A break lower today would target 6710/00 then 2011 yearly lows at 6635. Below here we have strong 50% Fibonacci support from the start of the rally in 2009. This could mark the low for the 3 month sell off.

 

Resistance today at 6895 then at 6971/78 above. Try shorts here with stops above 7002 as we look for a top today. A break higher however can target 7045 then 7099/7111.