Comex High Grade Copper Futures (HG) Technical Analysis – October 10, 2014 Forecast

December Comex High Grade Copper spiked to the upside on Thursday. The market sold-off from the intraday high at 3.0590, but still managed to close higher for the session.

The short-term range is 2.9855 to 3.0590. The pivot formed by this range is 3.0225. This price is controlling the short-term direction of the market. A break through this level will likely lead to a test of the nearest angle at 3.0155. The next angle at 3.0005 is the last potential support before the main bottom at 2.9855.

Taking out this price will likely lead to further weakness into the April 15 bottom at 2.9660. The daily chart indicates the potential for a steep drop off under this level with the March 19, or low for the year the next target at 2.8845.

Holding 3.0225 will indicate counter-trend buyers are propping up the market. Crossing the downtrending angle at 3.0320 will be a sign of strength, but crossing to the bullish side of the angle at 3.0455 could trigger an acceleration to the upside.

Based on the main range of 3.2120 to 2.9855, a sustained move through 3.0455 is likely to lead to a test of the major retracement zone at 3.0990 to 3.1255.