MCX Copper had been trading downward for the past 7 months, indicated by lower tops and lower bottoms. Last week, price witnessed sharp bounce from its previous low. As shown in the chart, the price jumped higher after testing the previous low, suggesting buyers have taken control over bears. The pattern formed is called double bottom - where prices test the same low twice and rally higher once the peak is taken off. The chart clearly indicates that the price has also closed above its recent peak, and is now set for the double bottom target which is at 418 levels.
The 14-period RSI has broken above the horizontal line and is sustaining well below the 50 mark, indicating positive momentum for the short-term.
Positive divergence is the strong indication for the price - momentum for the short term has changed to the positive side
The overall bias remains on positive side for the target of Rs.415 in the short term.
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MCX Copper May Test 415 Levels In The Near Term
Published 05/13/2013, 07:09 AM
Updated 05/14/2017, 06:45 AM
MCX Copper May Test 415 Levels In The Near Term
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