Technical Forecast for Copper

Copper for August has run out of steam this week as we trade in a range from 315.35/70 up to 322.55. We are battling an overbought stochastic but could hold on to 317 to test 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.

A break lower however finds support at 315.15/314.70 which held the downside nicely yesterday as predicted. Look for a low for the day here again to exit shorts & try longs with stops below 313.80.