Copper May Witness Up Trend Support At 394.80
CommodityOnline | Jun 16, 2014 07:51AM ET
Looking at the daily chart for Copper, we notice the uptrend line drawn from the March 19th lows has definitely been broken as prices have plunged the past several sessions on the news of potential fraudulent loan backed by metals in China. Trading volume has increased as well of late, which could be a sign that large speculators and trend-following traders are adding to short positions. Now technically market getting support at 394.80 and below could see a test of 386.20 levels, and resistance is now likely to be seen at 407.40, a move above could see prices testing 415.80.
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