MCX Copper - Technical Outlook

MCX Copper traded volatile during last 6 month where market has registered high of 387.30 and low of 188.50. Market was mainly influenced by a slow down in US Markets and decrease in China demand. While continuous increase in LME inventory also supported the move.





Technically speaking market is still under pressure unless a clear break out of 27 days EMA of 242.27, a bullish trend will be back only if market able to break 100days EMA of 291.60., RSI suggests in-decision territory as current 13 days RSI is 42.20.

MCX Copper is having major support at 211, 199.68, 183.36, while short term resistance can be seen at 235.73, 252.47, and 263.64.


Trade Recommendation –
MCX Copper Nov: Short term traders can buy on dips around 220 with stop loss of 211 Target 235 & 246
Traders looking for long term trades can wait till bounce of 240-246 range can sell there with stop loss of 265 for target of 203 & 184

Regards ,

Kamlesh Jogi

Commodities Research Analyst.