Copper prices at MCX are trading with a bearish rally around 413-423 levels. Bear rallies was seen on weak economic indicators. According to the experts, recovery on precious metals impacted base metal complex.
The commodity has failed at 423 levels and retreated to 417 levels. It witnessed another sell off at these levels and crashed to 412 levels.
Copper is following a rising wedge pattern, breaking these levels may witness steady decline to 390 levels or it may rally towards 405 levels in the near term. Traders are advised to sell copper on the current position.
The commodity should remain around 412-410 levels or else it may decline to 399 levels. It may witness strong support at 399 levels.
On charts, copper is showing declining phenomenon. MACD is negative and P-ROC (Rate of Change) is at bearish territory. RSI is neutral.
Short covering at 410 levels may witness slight uptrend in the near term. The overall trend remains bearish for MCX copper.
MCX Copper August short term: Bearish
Support: 410, 399
Resistance: 421, 424
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MCX Copper: Bears Are On The War Point!!
Published 07/25/2013, 07:31 AM
Updated 05/14/2017, 06:45 AM
MCX Copper: Bears Are On The War Point!!
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