Navigation

8 July 2015 Technical Chart Copper Cracking down



MCX copper is in a downtrend from the short as well as medium-term perspectives. It had formed a channelised pullback, which lasted for a few months. In the month of May copper broke out from the channel on the downside and resumed the larger downtrend. The momentum indicators on multiple time frames are in a bearish mode.The equality target on the downside is at Rs.321.50, whereas the channel target is near Rs313. A minor degree bounce till Rs350-355 will be an opportunity to initiate fresh short position. On the higher side, 20-day moving average, ie Rs.369, will act as a major resistance from the short-to-medium term perspective.
Share

Shubhlaxmi

Shubhlaxmi Commodity is a Free portal where you are provided all market such as Commodity stocks futures and Currency Like USD To INR and internatinol live market prices and live charts and Free support and resistance level

Post A Comment: