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MCX Copper Analysis: LME Charts Collapsed, Wedge Over

ByCommodityOnline
Published 02/19/2013, 06:22 AM
Updated 05/14/2017, 06:45 AM
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MCX Copper February was hinting bearish for the week. Copper is now trading around 440-442 levels.

The rising wedge pattern from January was broken at 442 levels. LME Copper collapsed from 8198 to 8095 levels as it may witness steady fall in MCX Copper levels. Flag level around 435-445 is expected for the week.

On charts, Copper tracks are showing a mixed phenomenon. It had crossed 20 day SMA at 442.90 levels, wedge was over at this point. The metal is heading towards oversold territory; hence selling pressure is to be expected in Copper prices. MACD is slight positive. RSI at 44.83 is declining to lower levels. Stochastic level retreats from overbought territory and is moving to medium levels.

Rate of change oscillator was weak, hence down trend is to be expected. The momentum oscillator at 99.80 implies it may hold flag range for the week.

It was a crucial factor at which the wedge is crossed at 442 levels. If the commodity breaches 444 levels, prices may witness decrement to 436 levels.

S1: 439 S2: 436
R1: 444 R2: 446

Trend: Bearish
MCX Copper Charts
LME Copper Charts (2)
LME Copper Charts

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