Copper (19.05.2015) finally providing some directional momentum after spending more than 3 weeks in range.
Now copper is trading around $2.8626 & as we can see on charts , after spending more than 10 trading session , finally copper providing a downside breakout with aggressive volume. The reversal coming in copper is from 61.8% fibonacci retracement level as well as very close to the top line of long descending channel . Below $2.8398 mark we may witness more weakness in prices.
On fundamental side , upcoming FOMC meeting on Wednesday could provide hint for a rate increase & thus may support dollar price while hurt the base metal sector. China still not performing well in respect to economic data.
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Based on above studies, we prefer to stay on sell for possible levels around $2.80 followed by 2.7050 in coming trading session.
Note – Above technical analysis is not a buy/ sell recommendation. Email us at [email protected]
MCX levels -> S2(393) S1(401.80) cmp(407) R1(409.70) R2(416.50)
Copper reach to $2.80 mark as expected. Enjoy .
HaPpY TrAdiNg
nice analysis
thank u!!