Technical Forecast for Copper
Copper is stuck in a range. Trend line resistance at 3.300/040 did hold the topside as predicted & should do so again today. However above here look for a selling opportunity at 3.3240/3275. Over night we have reached the target of 3.2595 but the outlook remains negative & we could test support at 3.2450/2400.
Below here look for last week’s low & the 100 day moving average at 3.2225/2200 for a buying opportunity. Just be aware of short term trend line resistance at 3.2845 on any bounce this morning.
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.