Comex High Grade Copper Futures (HG) Technical Analysis – October 24, 2014 Forecast

December Comex High Grade Copper futures inched through a Fibonacci level on Thursday, but the buying stopped and the market settled higher, inside the 3.0280 to 3.0460 retracement zone. This zone is a key pivot area that will decide the next major move.

If the buying continues then look for a drive into the last main top at 3.1045. A trade through this level will turn the main trend to up on the daily chart.

If the rally fails inside this zone then watch for the formation of a potentially bearish secondary lower top. This would be an indication that sellers are still in control.

Besides the Fib level at 3.0460, two resistance angles drop in at 3.0645 and 3.0720. These are the last angles before the main top at 3.1045.

A breakout over the Fib level at 3.0460 will be sign of strength, but an even better sign that buyers are taking control will be a sustained move over an uptrending angle at 3.0515.

A break under the 50% level at 3.0280 will be the first sign of weakness. A sustained move under a downtrending angle at 3.0245 could lead to a break into the next potential support angle at 3.0015.

The tone of the market today will be determined by trader reaction to 3.0460.