Buy Copper-Sep @ 816.5 add up to 812, for the Targets of 833 - 845 with SL @ 803 - Choice Broking
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Copper
Copper futures on the MCX have been trading within a well-defined Falling channel, but recent price action suggests a potential shift in momentum. After finding strong support around the ?790 level in mid-August, the price has been steadily climbing towards the upper boundary of the channel. This resilience near the support level indicates a possible exhaustion of the bearish trend, setting the stage for a bullish breakout.
The technical indicators are also showing signs of a potential upward move. The RSI is currently hovering around 55.35, just below the overbought territory, which suggests that there is room for further upward movement. Additionally, the MACD line has crossed above the signal line, a classic bullish signal that could indicate a strengthening trend if the momentum continues. The price has also recently crossed the 50-day moving average, which could act as a dynamic support in the event of a pullback, providing further confidence for a bullish outlook.
Furthermore, if the price breaks above the falling channel's upper trendline and sustains above key resistance levels around ?817.5, it could signal the beginning of a new bullish trend. A successful breakout could open the door for higher targets, potentially leading the price towards the next significant resistance near ?833. Traders should keep an eye on volume spikes and price action around these key levels, as they could confirm the start of a bullish reversal in copper futures.
Looking ahead, we anticipate a bullish trend in Copper in the upcoming sessions, where traders may consider long opportunities targeting the 833 – 845 levels.
Buy COPPER-Sep @ 816.5 add up to 812, for the Targets of 833 - 845 with SL @ 803
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