Technical Forecast for Copper
Copper for August made a break above the 322 stop level but quickly sold off towards support at 316.95/65 & bottomed at 317.70. Today’s outlook remains negative & a break below 317.70 should test 2 week trend line support at 316.15. If we continue lower we should fill a gap at 315.15/314.70. Look for a low for the day here to exit shorts & try longs with stops below 313.80.
If we hold on to 318 we meet resistance at 321/322. A high for the day is expected here but shorts need stops above 323 for a test of Fibonacci resistance at 324.
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