MCX Copper witnessed a sharp fall from all high of Rs 387.35 in the month July 2008 to a low of 172.50 in the month of Nov 2008. Since the fall Copper was is sideways trend. Copper has closed above the trendline ( refer to above chart ) which indicates a short term trend reversal ( i.e. Begining of a fresh uptrend ). Copper is likely to move upwards in coming days. Expected short targets are 196.50-204-210. The commodity will furhther gain strength if it sustains above 210 for couple of days for a target of 221-232-250-286. The above trend reversal will be voilated if it closes below 172.50.
MCX COPPER Cmp 189.50 ! Begining of Uptrend ? 30th Nov 2008
MCX Copper witnessed a sharp fall from all high of Rs 387.35 in the month July 2008 to a low of 172.50 in the month of Nov 2008. Since the fall Copper was is sideways trend. Copper has closed above the trendline ( refer to above chart ) which indicates a short term trend reversal ( i.e. Begining of a fresh uptrend ). Copper is likely to move upwards in coming days. Expected short targets are 196.50-204-210. The commodity will furhther gain strength if it sustains above 210 for couple of days for a target of 221-232-250-286. The above trend reversal will be voilated if it closes below 172.50.