Comex High Grade Copper Futures (HG) Technical Analysis – August 5, 2015 Forecast

September Comex High Grade Copper futures closed higher on Tuesday. The price action made 2.3215 a new minor bottom.

The main trend is down according to the daily swing chart. A trade through 2.4460 will turn the main trend to up.

The minor range is 2.4460 to 2.3215. Its 50% level or pivot is 2.3840. Trader reaction to this level will determine the direction of the market today.

A sustained move over 2.3840 will signal the presence of buyers. However, there are still resistance angles at 2.3970 and 2.4050. Crossing to the bullish side of 2.4050 could trigger an acceleration to the upside with 2.4460 the next target.

The main range is 2.6550 to 2.3215. Taking out 2.4460 will not only change the main trend to up, but it could also trigger an acceleration into its retracement zone at 2.4885 to 2.5275.

On the downside, a trade through 2.3215 will reaffirm the downtrend. The next major downside target is the May 14, 2009 bottom at 2.2440.

An early upside bias will likely lead to a test of the pivot at 2.3840. The direction of the market into the close and perhaps over the near-term will then be determined by trader reaction to this pivot.