Comex High Grade Copper Futures (HG) Technical Analysis – July …
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September Comex High Grade Copper futures finished the week sharply higher. The current rally looks spectacular on the daily chart, but one has to look at the weekly chart too to appreciate the power of this rally.
From the week-ending February 1, 2013 top at 3.8525 to the bottom at 2.8780 the week-ending March 21, September Comex High Grade Copper futures declined .9745 in 59 weeks. And in only 15 weeks, the market is within .0950 of testing 50% of this long-term decline at 3.3653. That’s a powerful move.
Weekly September Comex High Grade Copper
Last week, copper established support on the daily chart at 3.1885 before surging through the March 5 top at 3.2220. This price level is now new support.
Daily September Comex High Grade Copper
Friday’s strong close and upside momentum has the market within striking distance of the February 18 top at 3.2835. Taking out this level with conviction could drive the market into a steep uptrending angle at 3.3300.
Crossing over to the bullish side of 3.3300 will put copper in a strong position that could lead to a fast rally into the January 15 top at 3.3450 or the January 8 top at 3.3485.
Because of the prolonged rally in terms of price and time, traders should start to watch for signs of a top like a closing price reversal on either the hourly or daily charts. If sellers start to come in, be sure to take protection if long since the nearest support levels are at 3.2220, 3.1885 and 3.0900.
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Comex High Grade Copper Futures (HG) Technical Analysis – July …
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