Copper Futures tested resistance $4.6275 and closed above support $4.425 in July. The red metal could trade at $4.790 in August. A close above $4.66 is important for #copper this month in view of growing demand for Electric Vehicles.
MCX Copper has just traced out a pattern that can be interpreted as a A-B-C Zigzag from recent highs. All 5 subwaves of the final C wave seem to be in place. This now means the uptrend should be back in force to new highs. Hold longs with Stop at recent lows.
Not much to add to Last Weeks Analysis, except that i have also added Open Interest to the chart.
You can well see that Open Interest is at Record High for Last 7 Years.
In fact it is at all time record high for last 25 Years.
So be Careful. With Bearish COT Commercials and record high OI,
My Bearish call has a solid backing and reasoning