Comex High Grade Copper Futures (HG) Technical Analysis – October 13, 2014 Forecast

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.

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.

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.