Comex High Grade Copper Futures (HG) Technical Analysis – June 12, 2014 Forecast

July Comex High Grade Copper futures rallied early in the session on Wednesday, but failed to hold on to its gains. The new short-term range is 3.0185 to 3.0700. The mid-point of this range at 3.0445 is today’s key pivot price. This pivot should control the direction of the market today.

Key support remains the major 50% price at 3.0325, the long-term uptrending angle at 3.0195 and the June 9 main bottom at 3.0185. Bullish traders are going to try to establish a secondary higher bottom. Bearish traders are going to try to drive the market through the bottom at 3.0185 and into the next Fibonacci target at 2.9945.

Overcoming the pivot at 3.0445 should set a bullish tone for the day with the downtrending angle at 3.0725 the first upside target. If upside momentum builds then look for the rally to continue into 3.1055 to 3.1260 over the near-term.

Watch the price action and order flow at 3.0445. How traders react to this price should set the tone for the day.