Comex High Grade Copper Futures (HG) Technical Analysis – November 19, 2015 Forecast

March Comex High Grade Copper made another lower-low on the daily chart to extend the downtrend. However, there was a rebound from the 2.0650 intraday low which suggests some light short-covering may be taking place. This will become more important on the close.

Today is the 11^th day down from the 2.3695 main top which puts copper in the window of time to post a potentially bullish closing price reversal bottom. This will not change the trend to up, but it could lead to the start of a 2 to 3 rally equal to at least 50% of the current break.

The main range is 2.3695 to 2.0650. The market already made a lower-low so now it needs to close above the opening at 2.0770 and yesterday’s close at 2.0830 to produce a solid reversal bottom.

If there is a strong rally today then the nearest target is a steep downtrending angle at 2.1495. If a closing price reversal bottom forms then we could anticipate a possible rally to 2.2175 over the near-term. So you can see that there is a lot at stake over the near-term, based on today’s close.

Watch the price action and read the order flow at 2.0830 today. Trader reaction to this price will likely set the tone of the day.