Technical Forecast for Copper

Copper nicely held support at 3.2989/2950 yesterday as expected but is breaking lower this morning. A break of last week’s low at 3.2870/840 should trigger fresh selling pressure to target 3.2580. If we continue lower in to the end of the week look for a buying opportunity at 3.2335/2276.

 

Resistance at 3.3268 is likely to hold the topside but if we continue higher look for 3.3455, possibly 3.3725. Any move from here up to 3.3885 offers a selling opportunity.