FXEMPIRE
All
Ad
Advertisement
Advertisement
James Hyerczyk
Add to Bookmarks
Daily December Comex High Grade Copper
Daily December Comex High Grade Copper

December Comex High Grade Copper futures survived a test of the October 2 bottom at 2.9855. The actual low was 2.9895. The buying was strong enough to drive the market back toward the minor top at 3.0590. A breakout through this level will turn the minor trend to up on the daily chart.

The short-term range is 2.9855 to 3.0590. The pivot price created by this range is 3.0225. This price is controlling the short-term direction of the market. The close above this level gives copper a slight upside bias today.

Advertisement
Know where the Market is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Another sign of potential strength is the close above the long-term downtrending angle at 3.0220. This angle actually forms a support cluster with the pivot at 3.0225.

Holding above the support cluster could set a bullish tone for the session. The market could big up additional strength if it can overcome the uptrending angle at 3.0555.

Daily December Comex High Grade Copper

The main range is 3.2120 to 2.9855. The main upside target is its retracement zone at 3.0990 to 3.1255. A long-term downtrending angle passes through this zone at 3.1170, making it a valid upside target also.

On the downside, the next support under the pivot is 3.0205, followed by the last angle before the bottom at 2.9855 at 3.0030.

The tone of the market today will be determined by trader reaction to the support cluster at 3.0225 to 3.0220.

A sustained rally is likely to lead to an eventual test of the major retracement zone at 3.0990 to 3.1255. Taking out 2.9855 should lead to a test of the April 15 bottom at 2.9660. Breaking this level with conviction could lead to the start of a huge break with the low for the year at 2.8845 the next major downside target. 

Advertisement
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker