Copper has broken March 2020 resistance trendline, and true resistance breakout is a clear signal to buy. Target prices for long-term traders: 760 - 800+
But at present, MCX copper can pullback to the previous resistance line to continue an uptrend. So, intraday traders can sell for the following targets: 690 -...
On the Daily Chart copper is looking strong and also it has shown small profit booking in the morning session now if it will shift above 644.50 then it may go upside till 647 and 652. Low risk trader can go long above 644.50 with stop loss of 642.20 and safe stop loss will be day's low 641.50.
Copper has made the Bullish Elliott wave on the daily timeframe. It's completed the five-wave cycle, ABC correction is remaining. After the 5th wave, the trend started to make the A, and it's still making it. It has to cross 585 - 580 - 560 . After that, It will rise for a short period to make the B. And it will fall again to make C. But all over, it's an uptrend.
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...