Comex High Grade Copper Price Futures (HG) Technical Analysis – April 2, 2018 Forecast

James Hyerczyk
Updated

May Comex High Grade Copper futures are trading higher shortly before the regular session opening. The weaker U.S. Dollar is helping to create demand for dollar-denominated copper.

Comex High Grade Copper
Daily May Comex High Grade Copper

Daily Technical Analysis

The main trend is down according to the daily swing chart. However, momentum is trending higher. A trade through $2.9375 will signal a resumption of the downtrend. A move through $3.1920 will change the main trend to up.

The minor trend is up. It changed to up on March 29 when buyers took out the minor top at $3.0240. The new minor bottom is 2.9685.

The short-term range is $3.1920 to $2.9375. Its retracement zone at $3.0650 to $3.050 is the first upside target. This zone is currently being tested.

The main range is $3.2905 to $2.9375. If the upside momentum is strong enough, we could see a test of its retracement zone at $3.1140 to $3.1560.

Daily Technical Forecast

Based on the early price action, the direction of the copper market the rest of the session will be determined by trader reaction to the short-term 50% level at $3.0650 and the downtrending Gann angle at $3.0720.

A sustained move over $3.0650 will signal the presence of buyers. This could trigger an acceleration into the Fibonacci level at $3.0950, followed by the main 50% level at $3.1150 and the short-term downtrending Gann angle at $3.1320.

The inability to overcome $3.0650 will indicate the presence of sellers. However, the 50% level at $3.0650 is the trigger point for an acceleration to the downside with an uptrending Gann angle at $3.0175 the next downside target.

Basically, look for the upside bias to continue on a sustained move over $3.0720 and for a downside bias to begin on a sustained move under $3.0650.

This article was originally posted on FX Empire

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