Strong COT dat and RSI favors longs in copper. Comments on Charts.
Copper's long rally from under 2.00 to 4.95 has been stalled and we have had a sideways move for the last few months There is very good support at the 4.05 area, but one of the Elliottwave interpretation allows for a rapid fall to the 3.50 area. What is visible is an a-b-c down move from May to late Jun in Wave A followed by a sideways triangle wave B. If this...
triangular break out above 4.6275 can lead to 5.42 level in next 8-10 weeks
break out happened at 110.5 on mcb. then again retested the same & now shall move up for next target of 321
support at 4.09- 4.02 - 3.82 upmove only above 4.24
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.
if the lower line is respected, a breakout above the falling wedge might lead to huge movement
It is lying at lower line of the channel. hopefully stay in it & touch 5.16 in next few weeks
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.
Look for a strong upmove the next couple of days as Copper heads out of its sideways triangle pattern. At present the triangle seems complete and the next wave upwards is in its early stages.
Buy Copper At Cmp 4.1235 SL - 3.9880 Target - 4.32
Copper shall correct in Near Future. But the Wait could be Long
Correction or Impulsive Down Move - Only Time will tell. However one can stay with a short side bias for next month or so and play for a move to 2.3 Area (Green Line)
Nothing More to add to my last comments. Except that the possibility of a last push up to Green Area still remains in Play.
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