Market Analysis With Megh Mody

 MCX Copper 60 mins chart From the above chart, prices are moving in a higher highs and higher lows which is a positive formation and it is precisely moving in a rising channel. The red metal has a strong support of 660 which is least likely to be tested. Copper has formed bullish cup and handle pattern at the bottom and has given a bullish break, thus opening positive possibilities. The target of the pattern is 718 which can be achieved over medium term. Over short term it can test 695-698 price range. RSI has also relieved from the overbought and it is ready to move back up. Wave theory suggest, prices are moving in impulse fashion where it has completed wave i and wave ii. In wave iii of wave iii is extended in which it will start wave v higher, thus completing wave iii. The summation is MCX Copper is expected to soar till 695-698 price range over short period of time.

  MCX   Natural Gas has rallied till 760 levels and thereby it has started moving in a lower highs and lower lows formation. At present the energy segment has shown some resilience which has opened doors for it to test its previous high. From  2  hour  chart,  prices  after breaking the falling channel has shown strength, it is likely that prices are expected to test the level of 670 over short term. RSI is well above the center line which is a positive sign. As per Wave theory,  the fall from 760 looks impulsive and so I have marked it as wave a which was completed at 602 levels. After that it is moving in form of wave b where wave a of wave b and wave b of wave b is completed. It has just unfolded wave c of wave b. The summation is MCX  Natural Gas is likely to test the level of 670 with support at 627 (closing basis) .