Copper prices at MCX are trading with a bullish rally around 406-424 levels. Positive economic situations over China impacted copper prices.
The commodity has rallied from 406 to 424 levels in a short term pan of time. Sell off at 424.5 levels and crashed to 420 levels. Now, the commodity is trading around 402-424 range.
Copper is following a rising wedge pattern, breaking these levels may witness steady decline to 390 levels or it may rally towards 372 levels. Traders are advised to stay on buying side.
The commodity will find firm support around 412, 410 levels with resistance ranging around 426-430 levels.
On charts, copper is showing positive phenomenon. MACD is strong and P-ROC (Rate of Change) is at bullish territory. RSI is positive with stochastic around overbought levels.
Correction at 428-430 levels may witness slight downtrend in the near term. The overall trend remains bullish for MCX copper.
MCX Copper August short term: Bullish
Support: 412, 410
Resistance: 428, 430