Comex High Grade Copper Futures (HG) Technical Analysis – November 30, 2015 Forecast

After last week’s three-day, short-covering surge, March Comex High Grade Copper futures appear to be settling into a near-term range. Trader reaction to the pivot point of the short-term range is likely to determine the next major move.

Buyers are going to come in to try to produce a secondary higher bottom. Sellers are going to try to produce a secondary lower top and a resumption of the downtrend.

The main trend is down according to the daily swing chart. The main range is 2.3695 to 2.0020. Its retracement zone is 2.1860 to 2.2290.

The short-term range is 2.0020 to 2.1345. Its pivot or 50% level is 2.0685. Trader reaction to this level will set the tone of the market today and perhaps over the near-term.

A sustained move over 2.0685 will signal the presence of buyers. The first upside target is a steep uptrending angle at 2.0820. Look for the rally to extend on a move over this level with the next potential upside target last week’s high at 2.1345.

The next target over 2.1345 is a steep uptrending angle at 2.1620. Overcoming this angle should lead to a rally into the 50% level at 2.1860.

A sustained move under 2.0685 will indicate the presence of sellers. The first downside target is an uptrending angle at 2.0420. This is followed by additional uptrending angles at 2.0220 and 2.0120. The latter is the last potential support angle before the 2.0020 main bottom.

Watch the price action and read the order flow at 2.0685 today. Trader reaction to this level will tell us whether the bulls or the bears are in control today.