Comex High Grade Copper Futures (HG) Technical Analysis – October 7, 2014 Forecast
The rally by the December Comex High Grade Copper market on Monday, helped make 2.9855 a new minor bottom. Once again, traders straddled the former bottom at 3.0095, regaining this level with conviction into the close.
Support is layered at 3.0095, 2.9855 and 2.9660 today. The range expands to the downside if the April 15 bottom at 2.9660 is taken out with conviction. The next major target is the low for the year at 2.8845, the March 19 bottom.
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A sustained move to the upside today could trigger a rally into the downtrending angle at 3.0620.
The main range is 3.2120 to 2.9855. The retracement zone created by this range at 3.0990 to 3.1260 is the main upside target, followed by another angle at 3.1370.
The market may continue to consolidate over 3.0095, or even develop an upside bias. The tone of the market today will be determined by trader reaction to this price.
Copper may find additional support following a breakdown by the U.S. Dollar. If traders react the way they should then look for an acceleration to the upside on a move through 3.0620.