Copper Future Price

Sell COPPER - May @ 859, sell up to 862, for the Targets of 841 - 825, with SL @ 873.50

Duration: 20 Days

Copper price has retraced from its peak and is likely to continue its downward momentum in upcoming sessions. MCX Copper May contract has closed at 865 in the previous session and on the other hand, CMX Copper's future has settled at $4,59
CMX Copper Future has formed a Head & Shoulder formation on the Daily chart where slopping neckline support is placed at $4.54. A breach of this support level will accelerate a bearish trend in Copper.

MCX Copper future has traded in the Rising channel on the Daily chart and the price has formed a Bearish Harmonic pattern on peak levels. Breakout of the Support of the Rising channel will boost the downside trend in Copper and may test its next support levels placed at 23% Fib. The retracement level was placed at 836. The key resistance level would be at 868.50.

The Dollar Index(DXY) has sustained a 50-DMA level and currently trading with positive biasness over 105.15. This surge in DXY is unfavourable for greenback-based commodities.

The momentum indicator, RSI, has retraced from peak levels and trailing towards 50 levels on the Daily chart. Also, we can observe a Bearish crossover above the zero-line on MACD alongside the emergence of Negative histograms which collectively suggest a negative bias in Copper price.

Expectations are for a bearish trend in Copper prices in the upcoming sessions, prompting traders to consider Short positions aiming for Targets of 841-825, with a designated Stop loss in place.

Disclaimer: The Information compiled by CEBPL on a best efforts basis from information CEBPL received and believed to be reliable. The information may contain errors or omissions and is subject to change without prior or additional notice. This does not constitute a recommendation or advice by CEBPL, and CEBPL Clients may not rely upon it CEBPL does not warrant that the information provided is accurate, timely, or complete CEBPL Clients are urged to verify the information prior to using it in their investing and trading decisions, including but not limited to, referral to independent financial news resources, company announcements, and regulatory filings or disclosures Investment in securities market are subject to market risks, read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

Name of Compliance Officer-Prashant Salian Email id-prashantsalian@Choiceindia.com. Contact 022- 67079999- Ext-2310. Name of Grievance Officer-Deepika Singhvi-Emal Id-ig@choiceindiacom, Contact no. 022-67079999-Ext-834 www.choiceindiacom

Related Blog: