mantracommodity

Copper breaking down

Short
FX:COPPER   CFDs on Copper
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.

copper
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 mantracommodity@yahoo.com
MCX levels -> S2(393) S1(401.80) cmp (407) R1(409.70) R2(416.50)

More reports @ http://www.mantracommodity.blogspot.in

Comments

good coll now ?
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out