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Comex High Grade Copper Price Futures (HG) Technical Analysis – Pivot at $3.0960 Will Determine Direction Today
The stronger U.S. Dollar helped limit purchased by foreign buyers. Mixed signals from China’s economy is weighing on demand. Nickel prices hit their lowest level in more than six weeks on Tuesday dragging down copper prices.
Daily Swing Chart Analysis
The main trend is up according to the daily swing chart. However, Tuesday’s steep sell-off triggered a shift in momentum to down.
A trade through $3.1985 will signal a resumption of the uptrend. A move through $3.0550 will change the main trend to down.
The main range is $2.9135 to $3.2790. Its retracement zone at $3.0960 to $3.0530 is the primary downside target. This zone is controlling the longer-term direction of the market.
The intermediate range is $3.2790 to $3.0550. Its retracement zone at $3.1670 to $3.1935 stopped the rally on November 24 and provided resistance on Monday.
The short-term range is $3.0550 to $3.1985. Tuesday’s close below its retracement zone at $3.1270 to $3.1100 is a sign of short-term weakness.
Daily Swing Chart Forecast
Based on Tuesday’s close at $3.0985, the direction of copper futures today will be determined by trader reaction to the major 50% level at $3.0960.
A sustained move over $3.0960 will indicate the presence of buyers. However, an early rally will be labored because of potential resistance at $3.1100 and $3.1270. Taking out $3.1270 with strong buying could trigger an acceleration into $3.1670 to $3.1935.
A sustained move under $3.0960 could trigger an acceleration into $3.0550 and $3.0530. The daily chart indicates there is plenty of room to the downside if $3.0530 fails as support.
This article was originally posted on FX Empire
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