Buy Copper @ 645 add up 10 638.50, for the Target of 684-707 with SL @ 621 By Choice Broking
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COPPER
MCX Copper has traded back and forth over the course of the session, settled near 652 in previous week. On the other side 3-month contracts of the LME Copper future closed this week @ $7550,
‘On Weekly chart, priceis moving in tight sideways range between 630 ~ 665, trading below theresistancelineof 50-MA placed near726.90. Inlast few weekly candles, price has jormed 4 Doji formation, Here, major support would be low of 601, Average Traded volume remained around 60000 lotsover each week.
On a Daily chart, price has formed a Symmetric Triangle formation and price remained within channel since past couple of months. The key support on levelorthis channel would bearound 632 whereas resistanceis at 667.
Also on hourly chart, we can observe multiple rounding bottoms formed within Triangle ‘and price has tested resistance of 667 - 672. If price break-through this level, next hurdles would be 711-742.
‘The momentum indicator, RSI, is trailing around the level of 45-50 on Daily as well as Weekly timeframe which indicates Bullish opportunity in Copper ondips.
Based on above technical parameter, we are expecting Bullish momentum in MCX Copper towards 684-707 in near future contracts
Buy COPPER @ 645 add up 10 638.50, for the Target of 684-707 withSL @ 621
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