Copper has been in downtrend since a long time, right now showing an positive pattern based on RSI and Candlesticks,
Monthly Chart of Copper Comex
Look at the chart of Copper , We can see that there is an 3 Candle Divergence on Monthly Chart.
We have a Bullish Harami, and Hammer too. so i would suggest Buy At CMP with Stoploss Below 1.9040 on Closing Basis and Target 2.3135 . That's a target and SL based on CandleStick and RSI 3 Candle Divergence Pattern.
Copper MCX:
MCX Copper has taken support on its previous trend line. and showing some good candlestick patterns for going up.
Monthly Chart of Copper MCX
As we can see that its in downtrend and after taking support on previous trendline showing bullish candlestick patterns on Monthly Chart. First one is Bullish Harami than Hammer and now showing Bullish Engulfing.
Daily Chart of Copper MCX
Now check Daily Chart Copper broke its Downward Sloping Trend line. Which was very effective from past 9 months with 4 touch points. so we can go long on copper based on these all positive patterns breakouts.
Call: Buy @ 310-320 with Stoploss Below 290 and Targets of 335, 350.367.
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