Copper FuturesLong
Copper Weekly Break Out Underway. Buy on Dips For Bigger Targets
Bullish View: Copper's weekly breakout move in underway currently. With the first target being achieved this week.
The chart pattern suggests its a 'Buy on Dip' opportunity and we could look to enter in the Buying Zone as shown in the chart for higher targets. Of course this view is negated at the breach of 680 levels on weekly closing basis.
We could play the rising copper trade as a Pair trade set up by going long those companies which stand to benefit from rising copper and shorting those companies (or at-least avoiding going long) which can face problems on account of rising copper prices.
Examples of companies that can benefit are: Hindustan Copper, Hindalco, Sterlite Copper.
Examples of companies that can face pressure are: Havells, PolyCab, KEI Industries, Finolex, etc.
The chart pattern suggests its a 'Buy on Dip' opportunity and we could look to enter in the Buying Zone as shown in the chart for higher targets. Of course this view is negated at the breach of 680 levels on weekly closing basis.
We could play the rising copper trade as a Pair trade set up by going long those companies which stand to benefit from rising copper and shorting those companies (or at-least avoiding going long) which can face problems on account of rising copper prices.
Examples of companies that can benefit are: Hindustan Copper, Hindalco, Sterlite Copper.
Examples of companies that can face pressure are: Havells, PolyCab, KEI Industries, Finolex, etc.
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