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Copper Technical Outlook for October

October 1, 2013 27 sec read

Copper (01.10.2013) coming under technical radar after a long time.

Now copper is trading around $3.2928 & as we can see on chart, copper facing a resistance at topline of current descending channel which is also represent the 78.6% feb correction level of last upside move. At the same time we try to put an elliott wave theory, this move could be the 3rd inside wave of the current 3rd corrective wave. ( remember this wave provide largest damage under elliott theory). On the fundamental side US shutdown is still a bad news for base metals.
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copper

Based on above studies, we will prefer to sell copper for downside targets around $3.24 & then $3.18. Only a day close above $3.34 will force us to reanalyze the charts.