MCX Copper (Aug) is heading towards 778 levels. Base metal looks trendy on the weekly chart. As shown in the figure, Copper breached the resistance level of 745 and settled around 750. On Friday, Copper, and Nickel spurts because of the spot market demand and gained more than 2% and 3% respectively. Copper and Nickel were the most volatile commodity while Lead was the most stable commodity on the MCX division. Copper created panic at the start of the week but ends higher on the weekend. This happened because of short covering on the compulsory delivery mark day.
Copper looks trendy and expect more upside movement in days to come
Copper has resistance at 751. Decisive break and close above 751 will take it to 758—765 levels.
Three consecutive closes + weekly close above 765 will take Copper to 793—815 levels in days to come.
RSI on the daily chart is showing strength on the daily chart while Copper is trading above the average line of Bollinger Band.
Our positive view gets negate on a close below 710 levels only.
Any sharp decline till 740 will be the best buying opportunity for positional traders.
Maintain stop loss below 710 on a closing basis.
Don't miss- MCX Lead Futures
From the last 3 weeks, Lead MCX futures traded with negative bias.
Three inside sluggish red candles on the weekly charts after a long-legged green candle tells everything and be ready for a sharp move in the upcoming week.
Lead has support at 176—169 and resistance at 180
Decisive break and close above 180 will take Lead futures to 200+++ levels in days to come
Buy and accumulate in panic with stop loss below 169 on a closing basis for the upside target of 180 and then to 187—191 and then to 200+++ levels in days to come.
Our positive view gets negate on a close below 169 levels only.
Aluminium-Nickel-Zinc
Aluminium (Aug) looks positive above 200 and could test 207—210. Support at 193.
Zinc has support at 238—235 and resistance at 245—248
Nickel has support at 1430—1405 and resistance at 1480.
More we will update during market hours.