Copper Forecast And Technical Outlook [06-Jan-2023]

MCX Copper Forecast And Technical Outlook: Copper future Daily technical chart has formed an “Ascending Broadening Wedge”, in yesterday’s session copper traded in a positive trend where it retraced 721 levels and managed to close above the same.

where copper is trading above its 200 Moving average which is 701, which if tested and the breach can start a sell-off, in today’s session we can expect copper to trade in the range of 721-733, and if 730 is retraced and breached we can expect copper to give higher high, for the current session, copper key resistance is placed at 733 and the key support is placed at 712 if copper manages to touch 740, it might break out of the pattern and channel upwards.

MCX Copper Trading Tips for Today

Buy if able to sustain above 725 for targets 732, keeping an SL of 718. sell if it breaks 718, for targets 715-712, keeping an SL of 722.

MCX Copper Analysis and Technical Report

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Note: Above information is not recommending any buy or sell position, this is for your reference only and trading or investment in commodities & derivatives is subject to market risk.

Disclaimer: Investment in the securities/commodities market is subject to market risk, read all the related documents carefully before investing/trading. 

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