Comex High Grade Copper Futures (HG) Technical Analysis – October 31, 2014 Forecast

Despite the stronger U.S. Dollar, December Comex High Grade Copper futures are trading better. Earlier in the week, the market changed its trend to up on the daily chart when it took out the swing top at 3.1045. However, the Fibonacci level at 3.1125 stopped the move, triggering a sell-off on Thursday.

 

The market weakened when the 50% level at 3.0820 was taken out with conviction. This price may act like resistance today and certainly like a pivot if buyers can drive copper back above it.

As it stands, resistance levels come in at 3.0820, 3.1125, 3.1140 and a long-term downtrending angle at 2.9765.

If 3.0820 fails and becomes resistance then look for a challenge of the uptrending angle at 3.0515.

The short-term range is 2.9515 to 3.1140. This is the primary downside target if 3.0515 is violated. Since the main trend is up, buyers may come in to support the market on a break back into this zone.