The two-day sell-off on the daily chart by December Comex High Grade Copper helped create a new main top at 3.2460. The new main range is 3.1020 to
The two-day sell-off on the daily chart by December Comex High Grade Copper helped create a new main top at 3.2460. The new main range is 3.1020 to 3.2460. This makes its retracement zone at 3.1740 to 3.1570 the next likely downside target.
Daily December Comex High Grade Copper
The key area to watch today is 3.1920 to 3.1860. This is a combination of an uptrending angle and a downtrending angle. Holding the angle at 3.1860 could trigger a breakout over 3.1920. This would lead to a test of the next resistance point at 3.2160.
On the downside, the failure to hold 3.1860 will likely lead to a test of the retracement zone at 3.1740 to 3.1570.
The tone of the day will be determined by investor reaction to 3.1860.
James Hyerczyk is a U.S. based seasoned technical analyst and educator with over 40 years of experience in market analysis and trading, specializing in chart patterns and price movement. He is the author of two books on technical analysis and has a background in both futures and stock markets.
