Copper Updates
Earlier in the year copper had formed a multi-month triangle where the last leg had made a throw-over of the pattern. The triangle was formed in the right shoulder of a larger head-and-shoulders (H&S) pattern. Copper broke the lower end of the triangular pattern as well as the neckline of the H&S pattern in April. However, the fall is breaking up into waves of lower degree. On technical charts Copper is looking prices reversed after taking resistance of 458 level. Stochastic is in a sell mode. We expect prices to correct up to levels of 440.
MCX Tips Today
Sell MCX Copper at 447 levels with a stop loss placed above 452 for targets of 440.
Sell Natural Gas below 213 with a stop loss of 216 levels for targets of 206.
Sell Crude oil at 5880 with a stop loss of 5940 levels for targets of 5770.
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