Comex High Grade Copper Futures (HG) Technical Analysis – May 26, 2016 Forecast

July Comex High Grade Copper futures are breaking out to the upside, driven higher by the weaker U.S. Dollar. If the dollar retraces 50% of its last rally over the near-term, then we could see a 50% retracement of copper’s last break.

The main trend is down according to the daily swing chart. A trade through 2.1390 will turn the main trend to up.

The short-term range is 2.1390 to 2.0380. Its retracement zone is 2.0885 to 2.1005. This zone should be considered support today. Crossing to the strong side of this zone is helping to give the market an upside bias.

The main range is 2.3055 to 2.0380. Its retracement zone at 2.1720 to 2.2035 is the primary upside target.

Based on the current price at 2.1200 and the earlier price action, look for an upside bias as long as the market holds above the short-term Fib level at 2.1005. This is followed by a support cluster at 2.0885 to 2.0880.

If the upside momentum continues today then look for buyers to go after the swing top at 2.1390. Taking out this price will turn the main trend to up. This could fuel an acceleration to the upside with the next target the main 50% level at 2.1720.