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.

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