Technical Forecast for Copper

Copper could not hold above 316 which kept us under pressure & we are close to the 309.50 target now. We are oversold short term & on the daily chart but it is not wise to fight the down trend so watch for a break lower to target 307.50/00 & possibly strong support at April & May lows of 306/305. A low for the week looks likely here.

 

Resistance at 312.25/65 could hold the topside but above here we could reach 313.80/85 & a high for the day likely. Any further gains should run in to problems at 316.00/30 for a selling opportunity.