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NEXT ROCKET IN COMMODITY

After looking at the daily chart of copper MCX it seems that copper has complete its corrective phase after a bullish wave till 466.20 made in Feb 2011 and then good correction seen in this counter till 411.20 during march 2011. Now it seems that copper is moving in a descending triangle and now this is ready to break this triangle to resume its bull trend again. 445.20 is 61.8% fib retracement that is drawn from the high of the previous bullish swing to recent low of 411.20. This level can act a minor resistance area but major resistance 460 on closing basis a close above 460 will confirm a fresh bullish swing till 501-558 in near term long term trend is still bullish trend failure will occur only below 394 on weekly closing basis trader can buy in every dip this counter after a confirmation above 446 price targeting around 501-558 in near term.

To learn technical analysis mail me at sunirathi@hotmail.com feel free to ask any doubt regarding technical trading..

Comments

Anonymous said…
fir se naya jackpot call de rahe ho sunil bai greatttttttttt........................:)
NIRAV said…
great sir !!!!!!

NIRAV JOSHI
RAGHAVAN said…
sunil ji, copper cuts major support@411.2. and contract also closed today. whats next on copper?
whether bearish trend started ah?
share market said…
Very efficiently written post. It will be valuable to everyone who uses it, as well as myself. Keep doing what you are doing – looking forward to more posts.
share market

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