MCX Copper Futures prices are currently trading higher by 0.10 percent at Rs 364.20. Prices are expected to trade higher today on bargain hunting at lower levels. Investors will be cautious ahead of French elections this weekend.
According to Wyckoff accumulation and distribution; entire profitable selling has been found in this month after the attractive boom viewed from the bottom and again Copper is trading in accumulation phase given that; amazing improvement can be seen after support price remaining strongly so that; depression players should stay away from making downturn from the support. Near down Bollinger band is opening below 358 to 351 in MCX Copper and the level can be considered as the very crucial support. The target can be seen up to 351 by breaking Rs.358 and being close below it. MCX Copper creates inverted and descending scallops pattern on the weekly chart which shows selling will remain unchanged below near resistance 391 and 407 from the high. A quick target can be found above 407 after crossing Rs.391 with the attractive volume and giving close on it.short term traders buy copper at decline with SL 351 for target 373 and 380.
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