Copper must hold above 2.895/2.905 this week & beat first resistance at 2.925/2.935 today for a test of last week's high & strong resistance at
Copper Futures March contract Daily Forecast - 15 December 2014Copper must hold above 2.895/2.905 this week & beat first resistance at 2.925/2.935 today for a test of last week’s high & strong resistance at 2.945/50. A break above here today however is obviously positive and should target 2.965. It may be wise to exit longs here and try shorts up to important resistance at 2.970/75. A high for the day is expected here but shorts need a stop above 2.985.
Important support at 2.905/2.895 could hold the downside but below here is more negative for today & targets 2.880 then this week’s low at 2.867/865. If this does not hold the downside today, look for a buying opportunity at 2.858/55 with a stop below 2.840.
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