July Copper closed up 0.75 at 414.95. This was 2.95 up from the low and 0.25 off the high.
Technical Outlook
COMEX COPPER (JUL) 06/08/2011: Daily stochastics have risen into overbought territory which will tend to support reversal action if it occurs. A positive signal for trend short-term was given on a close over the 9-bar moving average. The daily closing price reversal up is a positive indicator that could support higher prices.
The market has a slightly positive tilt with the close over the swing pivot.
The next upside target is 419.58. The next area of resistance is around 417.52 and 419.58, while 1st support hits today at 412.18 and below there at 408.89.
