MCX Copper Elliott Wave forecast

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MCX Copper Daily continuous chart



As shown in the daily chart of Copper, prices is showing resilience from the lows 330 levels and is now quoting at 380 levels. It seems that the supply zone (shaded area) will act as a crucial resistance as earlier it was acting as a support (polarity reversal). Daily Stochastic is showing positive signs as it can move back to the overbought region.

As per wave theory, Copper has completed wave iii of wave c down and is now moving in the form of wave iv of wave c. The possibility for prices to reach near till 387 to 390 is likely.

The summation is the bias for Copper is positive for short term as it can move near till 387-390 price range with support at 375 levels.
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Comments

Phani Kumar said…
Hey, thanks for the information. your posts are informative and useful.
H.P.COTTON TEXTILE MILLS LTD
27 July 2020 at 14:51
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