Buy Copper June above 375 placing stop-loss at 350 | Way2wealth | Copper | MCX | Technical Charts | Technical Analysis | Commodity Research | Buy : IndiaNotes.com
Since February 2017, MCX Copper price has been trading on a corrective note and has declined from the high of 414.75 to 353.85 in the recent weeks. On the technical front, prices have retracted exactly 50% from the high and currently it is inching higher from the supports towards the slanting trend channel resistance of 375.
Prices breaching 375 level will confirm the bullish breakout of the trend channel and then according to the channel the first resistance is at 401 and next is at 415 of 50% to Fibonacci extension.
Momentum indicator, stochastic oscillator is making a positive cross over on weekly chart and RSI is also recovering from the lows indicating strong up move. While going though the PVO (Price-VolumeOpen Interest) analysis, the rise in volume and open interest followed with surge in prices in the recent session is also supporting the above outlook.
Overall, we expect copper prices to head till 401 then 415 levels on break of 375. Thus, we recommend buying above 375 for targets of 415 with stop loss below the immediate low of 350.
- BUY COPPER JUNE ABOVE 375 TARGET 415 STOPLOSS 350.
- Average Risk/return ratio: 1:1.6
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