Daily December High Grade Copper

Comex High Grade Copper Futures Technical Analysis – September 11, 2013 Forecast

December High Grade Copper futures are called a little better. The main trend is down on the daily chart, but the current close has the market in a position to rally further today. The main range is 3.3950 to 3.2200. The retracement zone of this range is 3.3075 to 3.3282. This is the next major upside target.

Standing in the way of a rally into this zone is a downtrending Gann angle from the 3.3950 top. This angle which stopped the rally on Tuesday is at 3.2850. A breakout through this angle could trigger an acceleration to the upside.

Daily December High Grade Copper
Daily December High Grade Copper

The main support is the 50% level at 3.2243 and the main bottom at 3.2200. Minor support is at 3.2595.

Fundamentally, traders didn’t react very well to the bullish economic news from China on Tuesday. This could be a sign that investors are more focused on the Fed’s plan to tapering its monetary stimulus. Since this action should drive up interest rates and the U.S. Dollar, traders are being a little tentative to buy at current levels because of they anticipate a drop in demand from foreign investors.

Published by

James Hyerczyk

James A. Hyerczyk has worked as a fundamental and technical financial market analyst since 1982. His technical work features the pattern, price and time analysis techniques of W.D. Gann.

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