Comex High Grade Copper Futures (HG) Technical Analysis – May 28, 2014 Forecast

July Comex High Grade Copper futures finished lower, but the main uptrend remains intact. The market is just having trouble with a Fibonacci level.

The main range is 3.3970 to 2.8720. The retracement zone of this range is currently being tested at 3.1345 to 3.1965. The high for the week is 3.1925. Taking out 3.1605 on Thursday will make this price a main top.

A sustained move over the Fib level at 3.1965 could trigger a move into the next downtrending angle target at 3.2720 today.

The first sign of weakness will be the failure to takeout 3.1965. A move back under a downtrending angle at 3.1470 will be the next, however, the best sign that sellers are taking control will me a trade through the 50% level at 3.1345. This could lead to a test of an uptrending angle at 3.1120.

Copper has reached a critical area on the charts so traders have to be ready for a two-sided trade.