Comex High Grade Copper Price Futures (HG) Technical Analysis – October 30, 2017 Forecast

December Comex High Grade Copper futures are trading higher shortly before the regular session opening on Monday. The market is bounding after testing a key retracement zone. A weaker dollar is helping to make dollar-denominated copper a more attractive investment.

Daily Technical Analysis

The main trend is up according to the daily swing chart. Today’s session begins with the market down ten days from the October 16 high. This puts it in the window of time for a potentially bullish closing price reversal bottom.

The main range is $2.9260 to $3.2595. Its retracement zone is $3.0930 to $3.0535. Friday’s low fell inside this zone at $3.0730. Since the main trend is up, buyers may be stepping in on a test of the retracement zone.

The new short-term range is $3.2595 to $3.0730. If there is a technical bounce to the upside then look for a possible rally into its 50% level at $3.1665. This is a key target because it can be used to form a secondary lower top.

Daily Forecast

Based on the current price at $3.1075 and the earlier price action, the direction of the copper market today is likely to be determined by trader reaction to the 50% level at $3.0930.

A sustained move over $3.0930 will indicate the presence of buyers. If this move starts to generate upside momentum then look for a possible move into $3.1665 over the near-term.

A sustained move under $3.0930 will signal the presence of sellers. The first target is a low at $3.0730, followed by a Fibonacci level at $3.0535. The daily chart opens up to the downside under this level so be prepared for a possible acceleration to the downside.