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Technical Forecast for Copper

Technical Forecast for Copper


Copper broke 6885/75 to bottom out just above the next support at 6775/65. If we can get back above 6995 look for 7040 but above 7060 we could hit resistance at 7107/12. We should struggle here but if we push higher next target is 7205/10 where we should encounter selling pressure. 
If we break higher later in the week we could test 7305/10 to try shorts with stops above 7330. Below Friday’s low of 6085 we could retest last week’s of 6800. Longs here need a stop below 6775/65 for 6710/00 then 2011 yearly lows at 6635.

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Technicals Markets Trading Ideas


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