Copper
- Thread starter pankaj30071987
- Start date
IF copper breaks 422 chances of 414-415 highly possible its still in bearish crab pattern whose target is very low but now lets play support and resistance wise. Currently 430 become resistance. Both weakly chart and daily chart mbfx system shows that 410 final support. Before it 420-414. But possible bottom could be told depending in other studies senario near these levels. Right now we can predict whats shows on chart.
If 4600 breaks in crude and $86 decisively breaks in nymex then possibilty of $80-81 is very high due to election in Us and rising inventory. Yesterday API data shows some slide in inventory due which crude taken support near $86. But ichimoku kinko hyo system weakly chart shows possiblity of $ 80-75. Those who know that system to trade could understand why I am saying this . IF rs is at Rs53 and crude is at $86 then possible price would be RS 4558. IF rs is at 54 and crude at $86 then Rs 4644. IF Rs ia at 53 and crude is at $80 then 4240.If rs is at 54 and crude is at $ 80 then rs 4320. IF rs near 52 and crude $80 then rs 4160.let see how market behaves.There is also Macd crossover in weakly chart in nymex giving sell signal.Demand is also not high as per reports and news.
this is not the place to short but wait for market telling itself for trend reversal.IF get near $80-81 then those who have capacity to buy 4-5 lots and could have guds to see 100-200 points volatility. could buy 2 lots near $ 81 and 2 if near $75-77.That could be very good buy as $ 75 is very good support. And personally wont see below $80. Reason I am observing a symmetrical triangle pattern bottom there and top some where near $106 again in weakly chart if that breaks huge upside. But it will not happen this year but in next year. Reason for same is geopolitical tension in middle east specially Iran next target of USA.Cost of production for OPEC is also somehwre near $80 so sustainabilty below it also not possible.
this is not the place to short but wait for market telling itself for trend reversal.IF get near $80-81 then those who have capacity to buy 4-5 lots and could have guds to see 100-200 points volatility. could buy 2 lots near $ 81 and 2 if near $75-77.That could be very good buy as $ 75 is very good support. And personally wont see below $80. Reason I am observing a symmetrical triangle pattern bottom there and top some where near $106 again in weakly chart if that breaks huge upside. But it will not happen this year but in next year. Reason for same is geopolitical tension in middle east specially Iran next target of USA.Cost of production for OPEC is also somehwre near $80 so sustainabilty below it also not possible.
Last edited:
| Thread starter | Similar threads | Forum | Replies | Date |
|---|---|---|---|---|
| M | Movement in Copper | Metals | 3 | |
| C | Gross and Net Copper Commodity pricing | Introductions | 0 | |
| H | MCX Copper trading | Metals | 9 | |
|
Why no one is talking about copper? | Metals | 4 | |
| N | Copper is Angel and not Human :) | General Trading & Investing Chat | 6 |