Copper Futures: 3-Month Bear Trend Dominates
Jason Sen | Oct 01, 2014 07:44AM ET
Copper topped just below 3065/75 and collapsed to the 3020/13 target which held nicely for 4 hours before hitting June lows at 3009 then our next target of May lows at 3000/2998 over night. We have bottomed exactly here as I write but the 3 month bear trend dominates of course so a break lower likely and should target 2995 quite quickly then 2984/82. If we continue lower this week look for 2975/72.
Immediate resistance at 3023/27 could hold a move higher but above here look for a selling opportunity at 3050/55 with stops above 3065.
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