Daily December High Grade Copper

Comex High Grade Copper Futures Technical Analysis – September 4, 2013 Forecast

December High Grade Copper futures surged on Tuesday, however, the market ran into a short-term resistance zone at 3.3075 to 3.3282. The main trend is down so sellers may re-emerge in this zone, setting up the market for a near-term sell-off.

Daily December High Grade Copper
Daily December High Grade Copper

The close below the 50% level at 3.3075 could be a sign that sellers are already taking control of the market. This won’t be confirmed, however, until the market breaks the uptrending Gann angle at 3.3035. Based on the short-term range of 3.2230 to 3.3275, downside momentum could drop the market to another 50% level at 3.2753. A break beyond this level could trigger another test of the major 50% level at 3.2243. A move below the minor bottom at 3.2230 will be another sign of weakness.

On the upside, early resistance is the 50% level at 3.3075, followed by the Fibonacci level at 3.3282. A move through this level could trigger a rally into a downtrending Gann angle at 3.3350. Taking out this angle with conviction could trigger a further rally to 3.3600. 

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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