MCX Copper prices are trading with a positive rally towards 550 levels. The commodity is yet to witness a sell off at higher prices. Hence, investors are anxious about futures trading. Is this a rally of trap?
MCX Copper price has been trading within the upward-sloping trend channel since last month forming higher tops and higher bottoms. The price has recently broken the previous top at 485 and channel resistances at Rs 500 and gave a sharp rally thereafter.
The 14-period Relative strength index (RSI) is currently pointing to overbought levels and holding well above the 50 marks indicates further bullish momentum. As long as the price sustains above short-term channel support line at Rs.525 level on a daily closing basis, Buying on dips is advisable.
The commodity should remain around 470-490 levels or else it may decline to 450 levels. It may witness strong support at 450 levels.
On charts, copper is showing bullish phenomenon. MACD and P-ROC (Rate of Change) is at positive territory. The commodity is trading at upper Bollinger levels.
Profit selling at 525 levels may witness slight downtrend in the near term. The overall trend remains bullish for MCX copper.
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MCX Copper: Bull trap?
Published 08/28/2013, 06:58 AM
Updated 05/14/2017, 06:45 AM
MCX Copper: Bull trap?
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