Comex High Grade Copper Price Futures (HG) Technical Analysis – November 21, 2017 Forecast

December Comex High Grade Copper futures are trading higher for a second consecutive day as buyers take advantage of relatively cheap prices and extremely oversold conditions. The current rally suggests the worst of the selling may be over at least temporarily and that the market may be getting ready to resume its uptrend.

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through $3.1365 will change the main trend to up. A move through $3.0315 will signal a resumption of the downtrend.

The major retracement zone at $3.0930 to $3.0535 is the best support. The market has built a support base near the lower level of this range.

The new main range is $3.2595 to $3.0315. If the rally continues then the market should test its retracement zone at $3.1455 to $3.1725.

Daily Technical Forecast

Based on the current price at $3.1020 and the earlier price action, the direction of the copper market the rest of the session is likely to be determined by trader reaction to the short-term downtrending angle at $3.1065.

If buyers can overcome $3.1065 then look for an acceleration into the next target, a long-term downtrending Gann angle at $3.1295. This angle has been guiding copper prices lower for 26 days. Look for a technical bounce on the first test of this angle. It is also the trigger point for an acceleration into the main top at $3.1365, followed by the main 50% level at $3.1455.

The inability to overcome $3.1065 will signal the presence of sellers. This could lead to a pullback into the major 50% level at $3.0930. This is followed by a steep uptrending angle at $3.0715.

Basically, look for the upside bias to continue on a sustained move over $3.1065 and for an intraday downside bias to develop on a sustained move under $3.0930.