Mar Copper (update)

Copper has entered the lower end of my resistance box and just missed the 370.00 level today so I decided to exit @ 367.50.  If I had more than a one lot I would hold one with a trailing stop, but since I only have one I thought it best to exit as I think we could start to face some resistance from current levels up to 375.00.

Copper has some upper resistance approaching based on patterns from the 240M chart.  This recent move up started with the dominant ABCD having a deep retracement and it's secondary ABCD having a medium deep retracement.  This signals a weak uptrend that could have a decent pullback when it hits some fib resistance.  The third supporting ABCD also had a deep retracement.  The 361 fib combo up @ 371.25 is shaping up to be a possible short term trading opportunity on the short side.  This area is supported by a monthly R1 and a downward sloping trendline from a monthly chart.  The one tough part of shorting is the past few days has been very bullish and isn't offering any small local ABCD patterns to cluster in the target zone.  As a result, you may see some sideways action up there so it can shake off its bullish energy.  If it breaks through 372.00, then it could face resistance up at the 78.60 zone @ 375.00.  I think it will be very tough for Copper to move any higher without a correction first.