Investing.com - Financial Markets Worldwide

June Copper Continues Bearish Trend

ByCommodityOnline
Published 06/05/2014, 07:12 AM
Updated 05/14/2017, 06:45 AM
HG
-

MCX June Copper Chart

MUMBAI: As seen above in the daily price chart of the MCX Copper June contract, it was trading between the following range with a Triangle Pattern from the last couple of days. Yesterday we saw that prices breached that “Triangle pattern” coupled with the strong “Bearish candlestick” formation and traded below it which is basically an indication of a Bearish trend in Copper. Copper has been broadly declining mode since December 2013.

Indicator Analysis
On the oscillator front, the 14 day RSI is falling and currently its reading is at 42, and the MACD is also trading in negative zone which is also supportive for the bears.

Prices are also trading below its 5, 20, 50 and 100 Day EMA, which is also the indicating towards southward trend.

Key Levels

Resistance could be seen at the 414 levels and the next resistance is observed at the 420 level. The price can find support at the 396 level and below that strong support is seen at the 385 levels.

Looking at a bearish price formation coupled with oscillators indicating pessimism, we recommend selling MCX Copper June contract.

Positional Call :- Sell MCX Copper June between 406 - 408, SL - 421, Target - 387 (CMP - 406)

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.