Market Overview

Technical Forecast for Copper

Share:
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.

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Commodities Markets Trading Ideas

 

Related Articles

View Comments and Join the Discussion!