MCX Copper is playing under a parallel channel. Currently, it's at the support trendline. Additionally, there's a Fibonacci retracement value of 0.886.
The best trading strategy for the day traders is:
According to a moving average and parallel channel's support trendline, copper is strongly bullish. It can show us an all-time new high before the end of this month. So, the day traders can buy for the levels of 536 - 540 - 556+.
Important - Due to the election of the USA.
From where it starts collapsing?
You can sell the copper at/below parallel channel or Fib retracement value 0.886 for the targets of 516 - 506.
The best trading strategy for the day traders is:
According to a moving average and parallel channel's support trendline, copper is strongly bullish. It can show us an all-time new high before the end of this month. So, the day traders can buy for the levels of 536 - 540 - 556+.
Important - Due to the election of the USA.
From where it starts collapsing?
You can sell the copper at/below parallel channel or Fib retracement value 0.886 for the targets of 516 - 506.
Comment:
Copper has touched the first target.