Sell copper near ₹ 727 with a Stop Loss of ₹ 731.
I analys Indian commodity market on a regular basis. I just earned 4800 points in SilverM, 2400 Points in GoldM and 240 Points in Crude Oil, however i wrongly entered in short position in nifty that made me some losses. But i believe losses are part of good trades.
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.
Copper respected lower TL very well which proved to be a buying zone again and moved well, 7% up, in last 3 days. It reached our first target. Visit previous chart in the link below.
Copper is consolidating for a while at important resistance level. Also it is at a long running TL corresponding to 100 ema also. Lower TL has become a important buying zone in the past also. Closing above recent resistance can give good up move again.
Good price action for learning in this chart:
1) Beautiful respect to lower TL
2) Resistance level became the...
New to the world of CHARTS, but always fascinate by Fibonacci. Tried the fib Channel on Copper weekly chart, markets seem to mostly respect the time schedule as per Fib.
Will keep analyzing more.
![COPPER1!: [Commodity] COOPER : Flag trade.](https://s3.tradingview.com/i/IxLSr449_mid.png "[Commodity] COOPER : Flag trade.")
