Now copper is trading around 432 ($3.5710) & as we can see on charts, copper headed to a major ascending tradeline running since feb 2011. The current bottom $3.5098 also represent 138.2% feb correction level of last bull wave , as well as it is in combination a parallel support. Candlestick pattern is positive while indicators are over sold. This all hint for a bounce ahead.
Based on above studies, we will prefer to buy mcx copper for some possible target around 438 ($3.6130) & then 442 ($3.6470). Only a day close below 423 ($3.5050) will force us to reanalyze the charts. –
Guest Post from Mantra Commodity