MCX Copper February may have a “Range Bound” as the indicators show a sideways phenomenon. The down trend seen in last week were recovered, but Copper was in the overbought territory.
The pennant chart pattern shows a continuation wave that is formed when there was a sharp movement followed by a sideways price movement. Hence we can expect a sharp price movement in the upward direction in the near term.
On charts, copper tracks in the sideways. The indicators were witnessing a shaky start for the contract. RSI at 51.56 is quite corrective. The fast stochastic level implies that huge fluctuations are to be expected. MACD stays neutral and momentum oscillator decrements.
If Copper trades below 440.30, it may declined to 436 levels. Bullish rally is to be expected in a trade over 445.85 levels, since LME Copper is trading in 8242.50 levels.
S1: 441.40 S2: 440.35
R1: 444.2 R2:445.85
Trend: Sideways
Figure 1 shows MCX Copper February price charts
Figure 2 shows price charts of LME Copper
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LME Copper On A Dream Run, MCX Copper Stays Unstable
Published 02/06/2013, 06:59 AM
Updated 05/14/2017, 06:45 AM
LME Copper On A Dream Run, MCX Copper Stays Unstable
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