The long-term outlook of MCX Copper
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+
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Here’s Why MCX Copper Yesterday Moved Down
LONG-TERM INVESTORS:
Copper has broken March 2020 resistance trend line, 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 pull back to the previous resistance line to continue an uptrend. So, intraday traders can sell for the following targets: 690 – 680 – 676
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MCX Copper in a Temporary Pullback (EWT)
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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MCX Silver Trading Strategy for the Intraday Traders
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.
If You Own MCX Copper, Look Out Below
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.
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MCX Gold, Gold Guinea, & Copper Detailed Reports & Tips
If You Own MCX Copper, Look Out Below
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.
MCX Gold Guinea price setting up for a big rally
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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