Investing.com - Financial Markets Worldwide

Copper Futures In A Wonderland

ByCommodityOnline
Published 08/19/2013, 07:41 AM
Updated 05/14/2017, 06:45 AM

We have heard about the novel ‘Alice in Wonderland’, story of a girl in an illusionist world. In terms of commodities and futures trading, we can say that copper is also in an illusionist world.

Copper which was slumping below 400 levels with low volatility. Thereafter the commodity was on a dream run. According to the analysis, copper was facing strong resistance at 420, 440 levels for medium term, but all changed over in a short span.

Copper has completed 3 weeks without a bear run. Hence, now we have to think about the profit.

The commodity will face strong resistance at 480 levels and it may remain as a psychological point. It may breach 490 levels on a rally towards 500, but 490 and 480 remains as a barrier to be crossed.

The commodity which twice failed at 420 levels, recovered on strong indicators. The 20 day SMA crossover at 415 levels witnessed rally in copper prices in near term.

Copper is following a bullish flag pattern, breaking these levels may witness steady decline to 450 levels or it may rally further down to 430 levels. Traders are advised to stay on short position and observe short term variation in copper.
Copper Futures
On charts, copper is showing overbought phenomenon. MACD and P-ROC (Rate of Change) is at bullish territory. RSI is strong.

MCX Copper August short term: Bearish

Support: 450, 430
Resistance: 480, 490

Latest comments

Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.