MCX Copper: Change in trend

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MCX Copper, from start till date of this year is moving in a range of 300-340 levels. Last expiry the red metal closed at 305 levels and in current series prices are trading above 310 levels. The demand for this metal will increase if the largest importer of the world will start improving. However, technical indicators are giving a clue of a possible trend change.

Prices tested the cluster of supports at 305 and moved in a falling channel. The declining channel was broken yesterday when prices closed above 312 levels. Secondly, the peak of 310.65 was taken out at faster time and can possibly be a reversal. However, the metal is not trading above any of the short term moving averages. 

As per wave theory, prices might have completed a sideways correction in a form of triangle pattern and has started moving higher which is commonly known as a 'thrust'. The thrust can be an impulse or a corrective but the possibility for prices to move higher is much likely.

In short, the trend seems to have changed which can push prices higher till its immediate resistance at 340-345 levels in near term.

MCX Copper Daily chart continuous contract


Comments

Phani Kumar said…
Hey, thanks for the information. your posts are informative and useful.
James Warren Tea Ltd
1 August 2020 at 15:18
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