MCX Copper price has been in a sideways trend since the past six months forming lower tops and lower bottom (S1, R1) supported by long-term trend line S. The major trend looks bullish above the Resistances Line (R). Currently Price is taking the resistances at the short term trend line (R1) at Rs.440 level.
Short-term Price is in trading in narrow range between short term channel (S1, R1) at Rs 385 and Resistance line at Rs.440. The price looks positive above resistance at Rs.440 level if breached then test of Rs.465 (Previous Top) could be possible.
Further, if the price holds trend line resistances R1 for a reasonable period of time (1-2 weeks), it could provide a medium-term Selling opportunity targeting Rs 385 (T). RSI is nearing the Resistances line and is currently in neutral territory close to the 50 mark.
If the support of Rs.397 level gets breached then the price can test the next support at Rs.385 level (S). Until price breaches the resistances of Rs.440 level on a weekly closing basis, Selling on rise is advisable.
Strategy: Selling near resistances is advisable for the targets of Rs.385 level, then Rs.366 level.
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MCX Copper May Retest 397 Levels
Published 07/16/2013, 06:59 AM
Updated 05/14/2017, 06:45 AM
MCX Copper May Retest 397 Levels
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