Since May, MCX copper has formed a pullback rally. It has retraced 61.8% of the previous fall and at that key Fibonacci level, copper has formed a distribution since the last few weeks. In terms of price pattern, it has formed a distribution triangle.
It had broken down from a smaller distribution triangle but moved up to form a larger distribution triangle. Last legs of the larger pattern are in formation on the upside. The pattern remains valid as long as the price trades below the swing high of 426.85. The short-term targets on the downside will be 393.30 and 390.
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MCX Copper: Tussle Continues!!
Published 08/02/2013, 04:46 AM
Updated 05/14/2017, 06:45 AM
MCX Copper: Tussle Continues!!
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