Technical Forecast for Copper

Copper failed to beat resistance at 321.50 which did trigger a drift lower to 318.50 as expected. This just held the downside as hoped as we bottomed just below at 317.80. We are just starting to look oversold on the daily chart. If we can beat resistance at 322/323 we could start to look for a recovery. We could then look for 326/327, perhaps later in the week but this could hold the topside if seen today.

 

If however we continue lower look for another test of last week’s low at 316.30/00. Any longs need a tight stop on a break lower as this risks a test of support at 313.