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James Hyerczyk
Daily September Comex High Grade Copper
Daily September Comex High Grade Copper

Like the gold market, September Comex High Grade Copper futures continue to consolidate as if investors are waiting for fresh news so they can trade this market with clarity and conviction.

The main trend is down according to the daily swing chart. The main trend will turn up when the swing top at 2.4460 is taken out.

Daily September Comex High Grade Copper

The short-term range is 2.4460 to 2.3215. Its pivot is 2.3840. This price is controlling the short-term direction of the market.

The nearest downtrending angle drops in at 2.3690. The next downtrending angle comes in at 2.3850. The short-term pivot at 2.3840 falls between these angles, forming a solid resistance cluster with the angle at 2.3850. Since the main trend is down, sellers may come in at this cluster to defend the downtrend. It is also a trigger point for an upside breakout.

The daily chart indicates there is plenty of room to the upside on a sustained move over 2.3850. The first upside target is the main top at 2.4460.

Taking out 2.4460 will turn the main trend to up on the daily chart. This could create enough upside momentum to trigger a rally into the main 50% level at 2.4485, the downtrending angle at 2.5200 or the 61.8% level at 2.5275.

Taking out 2.3215 will trigger a resumption of the downtrend. This could lead to a steep break since the next potential target is the May 14, 2009 bottom at 2.2440.

Based on the close at 2.3485, the direction of the market today will be determined by trader reaction to the angle at 2.3850. 

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