Copper (05.02.2014) both side in last two months over uncertainty of world economy.
Now copper is trading around $3.2250 & as we can see on charts , copper is again taking support from long ascending trendline from where it bounced 3 times earlier. The current support area have a combination of 78.6% feb correction as well as parallel support zone just on the trendline. Meanwhile indicators trading in oversold area , hinting for a bounce ahead. Candlestick pattern turning positive too.[wp_ad_camp_5]
On fundamental side, Chinese banks will be closed in observance of the Spring Festival while poor economic data from US may force dollar downside which may support metals for an upside move.
Based on above studies, we will prefer to buy copper for possible targets around $3.29 & then may be $3.35 in coming trading sessions.