Buzz Update Copper Futures: Get a break of 835 TOU

Buzz Update Copper Futures: Get a break of 835

 TOU

Copper Futures: Get a break of 835

In March, we recommended two long positions on Copper Futures on the Multi Commodity Exchange. One is around 830 and the other is around 815, both with stop-loss‌ for ₹ 780.

Although the overall trend of the contract is bullish as it is higher than the key support, in our analysis on March 31st, we estimate that the contract side will be between ₹ 810 and ₹ 835 for some time before exiting this range. Accordingly, Copper Futures is trading in that manner.

But last week, the contract bounced back with rising trendline support, which boosted the probability of a breakout. If 835 is violated, the contract may be increased first to 860 and then to ₹ 885, where there may be a price adjustment.

That said, fresh trades could wait until the ₹ 835 breakout arrives. However, traders who have longs can continue to hold with a stop-loss at the previously recommended ₹ 780. When the contract expires from ₹ 835, tighten the stop-loss to ₹ 800. Move it further up to ₹ 830 when Copper Futures decisively breaks 860. Liquidize your longs to 885.

On the other hand, a break below the 810-835 range could pull the deal to a support level of ₹ 785. Next support is at 740.

Published

April 18, 2022

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