Technical Forecast for Copper
Copper held resistance at 3.3767/3800 for a selling opportunity with stops above 3.9000 & this trade worked perfectly as we topped at 3.3880. Support at 3.2989/2950 also held the downside where we predicted a low for the day. Watch these levels again today therefore. A break lower is likely to see a retest of last week’s low at 3.2870/840 but below here risks a
slide as far as 3.2540.
Resistance at 3.3767/3800 is likely to hold the topside again for a selling opportunity. However a break above 3.9000 should test the 200 day moving average at 3.4095 & a high for the day.
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.