MCX Copper: All Set to Soar

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MCX Copper Weekly chart


In the weekly chart of Copper, prices are consolidating in a range of 400-470 (marked by horizontal lines). As far as prices persist in this range no trending move is expected in this counter. In the month of June price reversed from the support zone of the above mentioned range and is more likely to test the upper extreme of the range at 470.
The immediate support will be placed at 430-420 which is the common gap support. There are high chances it will fill this gap by dipping till 420 levels and then it will reverse back up as common gap are more likely to fill.
From weekly waves perspective prices are expected to move higher near till 470 where 80% of the previous fall is placed. This 80% comes to 473-476 levels as I think this will be flat pattern. From time analysis, the first fall took 30 weeks where wave a is marked from the top, in wave b which is ongoing has already taken more than 30 weeks which s one of the peculiarities of flat pattern. This means that any move near 430-420 can be a buying opportunity for the level of 470-476.

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