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
Copper has made the Bullish Elliott wave on the daily timeframe. It’s completed the five-wave cycle, ABC correction is remaining. After the 5th wave, the trend started to make the A, and it’s still making it. MCX copper has to cross 585 – 580 – 560. After that, it will rise for a short period to make the B. And it will fall again to make C. But all over, it’s an uptrend.
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Silver is growing slowly. According to this chart, silver is trying to move upside from the strong support trendline. It’s a potential reversal point based on a support trendline.
Currently, it has broken a strong support trendline. We have chances to see a tail, fakeout, or excess here. That can be up to a hurdle. And the hurdle breakout is a direct sign of a downtrend.
After all, 200 MA is recommending further advance here. So, we can pick the silver mega lot for the targets of 63000 – 63360 – 63660 – 64000+.
Safe traders can wait for a 50 MA breakout before entering as well.
Click here: Copper detailed reports & tips
In that newsletter, I had written in bold words, “according to a moving average and parallel channel’s support trendline, copper is strongly bullish. It can show us an all-time new high before the end of this month. So, the day traders can buy for the levels of 536 – 540 – 556+“.
On 16 Nov trading session, copper has made a high of 551 and touched the first two targets.
Click here: Will MCX Crude Palm Oil touch the 900?
How many of you bought MCX CPO? I had written, “currently, MCX Crude Palm Oil (CPO) shows an uptrend. By following the ADX, we can say that the trend will rise because ADX is greater than 25 (ADX>25), and +DI is above the -DI. Let’s have a look at the volume. Volume spikes double of the average, so this also shows an uptrend, and it will go to the 900 – 920 – 960+“.
Currently, CPO is running nearby 926 levels.
Accurate entry level, stop loss, and targets are available for premium members only.
MCX Copper is playing under a parallel channel. Currently, it’s at the support trendline. Additionally, there’s a Fibonacci retracement value of 0.886.
The best trading strategy for the day traders is:
According to a moving average and parallel channel’s support trendline, copper is strongly bullish. It can show us an all-time new high before the end of this month. So, the day traders can buy for the levels of 536 – 540 – 556+.
Important – Due to the election of the USA.
From where it starts collapsing?
You can sell the copper at/below parallel channel or Fib retracement value 0.886 for the targets of 516 – 506.
U.S election results will come soon. Today, we have chances to see solid movements in MCX’s bullion sector commodities. And Gold Guinea crossed 50 MA upper side.
Intraday & short-term traders can buy using this strategy to make some money. Targets: 41800 – 42200 – 43000+
If it closes below 50 MA, then don’t hold your position in loss. I prefer to exit after it.
Do you want to know about MCX Gold?
Gold has touched the first two intraday targets: Click Here to Read Now
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In the last trading session, silver has gained +361 points. As we updated in previous newsletters, silver is flying with gold. Silver wings may cutoff after breaking out 60,000 levels and may fall till a hit of control price line. Hence, this breakout will lead the prices 59,000 to 58,000. Don’t forget to keep your eyes peeled at 5 MA (orange).
Currently silver is running above 61K. As per this 4-hourly chart, we can expect continuous uptrend for the levels of 62,000 – 63,360 – 65,000+. It could keep pushing upward until a crossover of 5 MA and 20 MA (blue). Further information I will update shortly.
I would like to keep your attention on the previous week’s major updates:
Copper Warning – This is Not a Selling Opportunity
I had written, “We may see at all-time high soon…”.
Zinc Trading Strategy & Tips with Hourly Chart
I had written, “Based on the current trend:
Uptrend targets: 165 – 170+…”.
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After a short reversal, gold will start marching for 49060 – 49200. Don’t mess with gold below support trendline.
Can we expect a key level as a target? Yes, and I will update it into the next newsletter.
Copper has made a high of 509.25 and took U-turn. We may see at all-time high soon.
S-RSI is a key to take an entry.
Black Gold will explode soon. Read the previous report here: Crude Oil Trading Strategy & Calls