Technical Forecast for Copper for 19th May 2013

Copper made it to resistance at 7367/69 where we advised to exit longs & try shorts with a stop above the trend line at 7388. This trade worked perfectly as we topped at 7367.25. Below 7310 today should see prices slide towards 7275 then 7253. If we cannot hold on here look for good support at 7112. A good chance of a low for the day here to we can use this level for profit taking but be aware that a break lower could target 7137/30. Try longs with stops below 7090.

 

7367/69 remains tough resistance for a selling opportunity but a break above the trend line at 7388 would put bulls back in control for 7442/44, possibly May highs of 7480.