LET THE MARKET TELL WHO WE ARE

Copper has been witnessing a long term down trend since August 2013 and closed at 333.50 yesterday. Provided is weekly chart in which correction from top of 512.65 took place in a channelized manner and this metal found support near 291 whereas 284.10 was the swing low posted in 2010. Most recently copper recovered from 298.05 which is 88.8% Fibonacci correction of bullish swing AB. Swing AB itself is 61.8% correction of bearish swing XA. Fibonacci relationship between these swings hints possibilities of a harmonic structure that can be either Bearish Gartley or Bearish Crab. In case if pattern unfolds as bearish Gartley then current rally is likely to be terminated from 358 zones after completing leg CD of this structure. Presence of descending trend line resistance near 358 also increases significance of this structure. In case if pattern unfolds as bearish Crab then an advance to complete leg ‘CD’, which is 161.8% extension of leg ‘XA’, can’t be ruled out. And this extended rall...

Copper has been trending down and forming a bullish wolf wave pattern. Metal has completed all 5 points of this pattern and now recovering from descending trend line support. MACD has been staying in bearish territory but recently it has climbed above its signal line that hints weakening bearish momentum and development of a fresh bullish momentum. Areas of 399 are also supported by 88% Fibonacci correction of a bullish move from 397.85 to 414.90 and 113% extension of recent bullish attempt from point 3 to point 4. MACD cross and presence of Fibonacci ratios near 399 zones suggests a strong support near 400-397 zones. Recommendation: As per chart and explanations above buying copper around 401-400 with stop loss below 397 for targeting 407-415 and more upside might be appropriate in short term, currently trading at 401.35

As we can see in chart provided above copper has broken the neck line of head and shoulder pattern on daily chart and headed a low of 426.65 during this bearish attempt. Now copper is getting support at weekly rising trend line that may provide a temporary support to copper prices and metal may rebound to retest its broken neck line around 435. Normally broken supports work as resistance so metal is likely to resume its bearish move after a retest to neckline. Immediate support is now placed at 426.65 and closing below the same may witness fresh bearish move towards 416 and more down side. Recommendation: selling copper on rise around 435-437 with stop loss above 444 for targeting 427-417-414 might be appropriate in short term. Currently trading at 429.30

Silver MCX has nicely rallied up to 2000 points after my post of January 21, 2012 and made high of 57450. Now it’s time to offload your long positions on every rise because some technical indicator has been reached in overbought conditions that are suggesting 58800-60000 can act as reversal areas and very short term correction can’t be ruled out so be a smart trader and book profits as per your satisfaction and keep visiting us for more jackpot entries. Wishing you all profit full week ahead.  Copper rose 35 points after my suggested entry on November30, 2011 and made high 430.25 on Friday our 1 st target of 430 successfully reached so it’s time to book some profit in copper also and keep 414 as final stop loss for our 2 nd and 3 rd targets for remaining quantity. 

Today copper February contract on mcx has broken its resistance of 402 and confirmed a short term bullish breakout with an inverse head and shoulder pattern. MACD above 0 lines with bullish crossover supporting our bullish view. Retest of previous resistance can’t be ruled out but copper has defined 378 as very strong support and buying around 390-395 area would be a good trade decision with stop loss of 378 on daily closing basis for expected targets around 430-445-465 in midterm.  In case of any type of trend change we will update you buying around said price range will be good entry.  Or u can accumulate with small quantity till said stop loss price but best buying zone is 395-390 or below this range only.