June 30, 2011 Copper:Triangle breakout

MCX Copper is trading in a medium term falling channel. For the last several trading sessions it was in a consolidation mode. The consolidation had taken form of a triangle. In the last session Copper has broken out from the triangle along with high volume. The daily Bollinger Bands have started expanding suggesting that a sharp move is about to unfold. The daily momentum indicator has given a buy signal. On the upside, the upper end of the channel is 419 and beyond that the equality target is 427.5. In the south, the reversal can be trailed to the 40 day exponential moving average (DEMA; 408).



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