Buy COPPER -Nov @707.5 add in dips till 704. Tgt 724.5-734 with SL 697.5 By Choice Broking
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Copper is currently stabilizing at the support area after a major reversal from the resistance region, and it appears that the price will reverse Copper has slipped from the falling trendline and is now settling at the horizontal support if we hold $3.55 levels, we can expect an increase to $3,80.
On the Daily chart, Copper futures are moving in a Descending Triangle pattern, with a Horizontal line providing support. Price has just approached this horizontal line, and a rebound off of it might pave the way for a rally to the next resistance level of 720. This is an important point to pay great attention to since it marks a significant resistance level Price action also suggests consolidation near
the support region Zooming in on the hourly chart reveals a strong consolidation in the form of a Rectangle pattern as well as a clear breakout of a significant moving average, such as the 100 EMA. This huge break shows that the bullish trend has significantly strengthened, encouraging confidence.
The appearance of a positive histogram on the Daily chart, as well as a positive crossover of the momentum indicator MACD both signal that the bullish trend is strengthening. The leading indicator RSI is also displaying strength in terms of accumulation; it is tracking between 40 and 45. which is a comfortable levels for acquiring.
The price of Copper is expected to move in a bulish direction based on the technical indications
discussed above. In the following sessions, traders should seek for long chances with a torget of
7245-732
Buy COPPER -Nov @707.5 add in dips till 704. Tgt 724.5-734 with SL 697.5
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