CHART-III(UPDATED)
- Copper has reached the 200 Period SMA of four hour chart as discussed in the below chart. Correction will continue if four hour candles start to close below this moving average.
CHART-II
- Copper has given a good breakdown from its triangle. Now price may target 200 Period SMA for four hour time frame as first target.
CHART-I
- Copper is showing a triangle pattern.
- Important support and resistance levels are 3.4520 and 3.6420
- Breakout from triangle has to take out either support or resistance levels for a bigger move to take place.
- MCX COPPER CHART
- SILVER WEEKLY CHART ANALYSIS
- Copper is moving towards 3.8093 level which was the previous support, This level may act as resistance.
- price is trying to stay above a down trend line. If successful then this up move will be extended.
- Important support is at 3.4688
- Copper weekly chart is showing bullish engulfing pattern
- Current week closing above 3.3275 will be good for bullish traders.
- Immediate resistance is at 3.4688, Crossing this level will add strength for bulls of copper.
- Copper daily chart in a big falling wedge pattern
- Current fall may find support near 3.61 levels.
- Price may give an up move from this level
- Copper hour is trading in a range from 3.9333 to 4.0635.
- Bigger moves will be possible only if this range gets broken.
- Till then selling at the top of the range and buying near support area can be done.
