Copper (15.07.2014) moved higher in last few weeks & topped 7211 on LME.
Now copper is trading around 7120 area on London Metal Exchange & as we can see on charts , with a top (probably false) above the tradeline copper trimmed its rally & looking for some downside move ahead. A number of doji, shooting star etc says that trend is slowing down now.As we see on charts the top placed was almost at 161.8% feb correction level & after that we have witness some negativity on indicators too.
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On fundamental side, not much appreciating news from world economy & continue global tension may reduce the industrial metal demand while inventory are still on higher side.
Based on above studies, we will prefer to sell copper for possible targets around 6980 & then 6840 in coming weeks, while a day close above 7240 will force us to reanalyze the charts.
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