Copper - Short Term outlook

MCX Copper Aug contract have shown lot of volatility while trading in range of 213 -257 in short duration of 1.5 month.

Technically opportunity can be seen for buying on dips where market have given 61.8% retracement from high of 257 to low of 213.Another opportunity arise if market breaks 229.9 levels where 61.8% retracement holds.



In weekly chart we can see a strong bullish rally where strong support comes around 229 ranges and resistance comes around 280 ranges. Weekly 13 days RSI still suggest a buying potential at 59.32 levels while MACD is holding in positive territory with increase in bullishness. Both indicators suggest a positional buying level on dips. Can be seen from chart given below:



Recommendation:


Positional - MCX Copper August: Buy at 242-238 range Target 280 & 304 SL 229

Or Sell below 229 Target 202 & 180 SL 244