Comex High Grade Copper Futures (HG) Technical Analysis – October 27, 2014 Forecast
December Comex High Grade Copper futures had a strong week. Friday’s close has put the market in a position to challenge the October 14 main top at 3.1045. A trade through this level will turn the main trend to up on the daily chart.
Standing in the way of the top at 3.1045 are a pair of short-term and long-term downtrending angles at 3.0595 and 3.0670. Overtaking these angles will put the market in a position to cross over to the bullish side of the nearest uptrending angle at 3.0715. Once this is accomplished then look for a drive into the main top at 3.1045.
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The short-term range is 3.1045 to 2.9515. This zone is currently being tested. It is also controlling the short-term direction of the market. Bearish traders are trying to form a potentially bearish secondary lower top inside this zone while bullish traders are trying to use it as a launching pad to higher prices. Trader reaction to this zone may set the tone for the day and perhaps the week.
A sustained move over the Fibonacci level at 3.0460 will mean that buyers are coming in to support the market. Taking out the 50% level at 3.0280 will mean that sellers are winning the battle. On the downside, the first target is an uptrending angle at 3.0115, followed by 2.9815.
Look for a bullish tone over 3.0460 today and a bearish tone under 3.0280.