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 . The reversal coming in copper is from 61.8% level as well as very close to the top line of long . 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.
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 is not a buy/ sell recommendation. Email us at email@example.com
MCX levels -> S2(393) S1(401.80) cmp(407) R1(409.70) R2(416.50)
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