Copper has been in a bear trend for at least 18 months with no sign of a bottoming out. As long as we hold below 3040 today prices will remain under
Copper Futures September contract Daily Forecast - 29 September 2014Copper has been in a bear trend for at least 18 months with no sign of a bottoming out. As long as we hold below 3040 today prices will remain under pressure to test last week’s low at 3020. Today’s low as I write is 3013 so be ready to go with a break below here to target June lows at 3010/09. Below 3008 should then target May lows at 3000/2998.
Only above 3040 is less negative in the short term. Any shorts here need therefore stops above 3055 for a move towards 3064/69 for a selling opportunity. Exit longs & try shorts here with stops above 3080.
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