Comex High Grade Copper Futures (HG) Technical Analysis – August 3, 2015 Forecast

September Comex High Grade Copper futures finished lower on Friday and for the week. The main trend is down according to the daily swing chart. The new short-term range is 2.3375 to 2.4460. The 50% level or pivot price of this zone 2.3920. This level is controlling the near-term direction of the market.

A sustained move under 2.3920 will signal the presence of sellers. The first downside objective today is the main bottom at 2.3375. A trade through this level will signal a resumption of the downtrend.

If traders hit 2.3375 with clarity and conviction then look for a possible acceleration to the downside with the May 14, 2009 main bottom at 2.2440 the next major target.

Crossing over and hold above the pivot at 2.3920 will signal the presence of buyers. The first two objectives are downtrending angles at 2.3990 and 2.4150. A sustained move through 2.4150 will signal that the buying is getting stronger with the main top at 2.4460 the next likely target.

A trade through 2.4460 will turn the main trend to up according to the daily swing chart. The main range is 2.6550 to 2.3375. The primary objective of this move is its retracement zone at 2.4965 to 2.5340.

The direction of the market today will be determined by trader reaction to the pivot at 2.3920.