Technical Forecast for Copper

Copper broke 7045 as hoped to reach the next target at 7099/7111. We continued higher as we build momentum to reach resistance at 7203/06. If we can hold above 7136 & beat 7203/06 today look for a test of strong resistance at 7253. We could see prices top out here today but any shorts could use stops above 7280 for a move to 7307. A push through 7330 then signals a test of very strong resistance at 7367/69 for a selling opportunity at this stage.

 

Failure to hold above 7137/36 however could see a drift back to 7111/09. The daily outlook is improving so this could be as far as we fall but on a break lower look for support at 7045.