Technical Forecast for Copper

Copper failed at the first hurdle of 6995 & this level should act as resistance again today. If we break above 7000 however look for 7024/34 & possibly a test of resistance at 7107/12. We should struggle here but if we push higher next target is 7160/65 where we should encounter selling pressure.

 

Below Friday’s low of 6875 we could retest last week’s of 6800. Longs here need a stop below 6775/65 for 6710/00 then 2011 yearly lows at 6635.