Technical Forecast for Copper

Copper keeps spiking up when we test the 6815/6765 area as stated yesterday & this happened again so there are obvious buyers at these levels. This time we made it through resistance at 6971/78 to reach the target of 7045. A break higher looks possible today for the next target at 7099/7111.

 

6978/70 is now support but below here we could slide to 6895. Watch for a low for the day here but use a stop on longs below 6865 as this risks a slide back to 6815/6765. 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.