Comex High Grade Copper Price Futures (HG) Technical Analysis – February 12, 2018 Forecast

March Comex High Grade Copper futures are trading higher early Monday. The higher-high, higher-low has helped form a new minor bottom at $3.0260. The market is also trying to claw back inside a key retracement zone. A weaker U.S. Dollar is helping to underpin the market.

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through $3.0260 will signal a resumption of the downtrend. This could lead to an extension of the selling into the next main bottom at $2.9430.

The main range is $2.9430 to $3.3220. Its retracement zone is $3.0880 to $3.1325. Trader reaction to this zone will determine the longer-term direction of the market.

The short-term range is $3.2575 to $3.0260. If the rally continues then its retracement zone at $3.1420 to $3.1690 will become the primary upside target.

Daily Technical Forecast

Based on the early price action, the direction of copper today will be determined by trader reaction to the main Fibonacci level at $3.0880.

A sustained move under $3.0880 will signal the presence of sellers. This could drive the market into a pair of Gann angles at $3.0580 and $3.0575.

Crossing to the weak side of the angle at $3.0575 will indicate the selling is getting stronger. This could trigger a break into Friday’s low at $3.0260, followed by an uptrending Gann angle at $3.0025.

A sustained move over $3.0880 will indicate the presence of buyers. This is a potential trigger point for an acceleration into $3.1325.