MCX Copper Futures May Trade On Positive Note
CommodityOnline | Jul 01, 2013 03:32AM ET
MCX Copper has recently witnessed a sharp pullback after it tested downward sloping trend channel C1 near Rs.368 level as shown above. The price has now moved above its resistance line show by dotted line and has settled well above the same since last 1 month. Last week a doji candle after two consecutive weekly decline in the commodity suggests prior up move could possibly resume and copper price can rally to a fresh two-week high near Rs.425 level.
The 14-period RSI is currently holding above the support line just below the 50 mark and is pointing higher indicating positive momentum for the price.
Hence, it is advisable to go long on MCX Copper for this week for the target of Rs.425 on the upside.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.