Look at the above weekly chart of MCX Copper. It has created an ascending channel pattern without breakout. This channel started in the previous year’s April month. At present, it’s falling after making a tail. But how much it can go down? Copper may fall more from here, and that can be up to 728 – 710.6 levels.
But overall, it’s on an uptrend. So, soon it will start marching for the following levels:
760 – 780 – 800 – 820 – 840+
According to EWT, the 5th wave has been almost completed. The ABC correction will start soon. As mentioned in the chart, MCX aluminium will start collapsing for the target price of 176 – 172 – 168 – 162 soon.
At present, if we see for intraday traders, then it’s upward. Aluminium will touch 184 – 186 levels, and then ABC correction will start.
According to this chart, MCX Aluminium can fly from here if it does not close below 176.4 levels.
Targets: 178.6 – 179.6
Short-term targets: 180 – 181.6+
But, if it closes below 176.4 levels, then this call will deactivate. And it will start collapsing for the levels of 174 – 172 from there.
How many of you sold crude oil on the previous Thursday?
Article: MCX Crude Oil & NYMEX Brent Oil In-depth Analysis & Tips
In the previous article on crude oil & brent oil, I said in bold words, “…so, intraday traders can set the following targets to make some money: 4560 – 4500 – 4460 – 4400 | …and, if brent oil breaks the hurdle ($66.60) and shows a closing price below it, we will see a heavy downfall. Targets: $64.6 – $62.8 and below”.
The crude oil has reached all targets..!!! Enjoy!
What next? Only premium subscribers can read a full report of crude oil.
LONG-TERM INVESTORS:
Copper has broken March 2020 resistance trendline, and true resistance breakout is a clear signal to buy. Target prices for long-term traders: 760 – 800+
INTRADAY TRADERS:
But at present, MCX copper can pullback to the previous resistance line to continue an uptrend. So, intraday traders can sell for the following targets: 690 – 680 – 676
This is MCX Nickel weekly chart. Price projection is based on Parabolic Curve & Fib Retracement.
As mentioned in the chart, At the end-point of Base 3, indicated by the “X” symbol, the nickel could double in the shortest period of time. Targets: 1426 – 1632 – 1778 – 1854 – 1962 (2.618 – Based on Fib Retracement).
If nickel breaks the curve line, it can collapse up to “X” or base 3 deep. Hence, we can see the following targets from the selling point: 1130 – 1050 – 960 – 850 and below.
Remember, trade with the direction of the breakout. And stop-loss above/below breakout level.
MCX Aluminium is moving sharply. Its range is 21 to 23 bars or a month. It can fall back up to the support trendline (TP: 159 – 156).
According to this chart, aluminum will not stop here. It is further advance up to 168 – 172 – 176 levels.
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