Monday, December 13, 2010

MCX COPPER TECHNICAL LONG-TERM OUTLOOK

Date: 13 December 2010

MCX COPPER TECHNICAL LONG-TERM OUTLOOK

TECHNICAL OVERVIEW:

MCX Copper prices have spiked up sharply in the last five months since July 2010 and which has given a neckline breakout at Rs 388.05 in Nov 2010 on the closing basis. The Inverted Head and Shoulder formation which has been formed from May 2006 to Oct 2010
Looking at the monthly chart the counter has given Inverse Head and Shoulders breakout by breaching a resistance of 388.00.We expect bull trend to follow in Copper in the Long Term.

COPPER MONTHLY CHART:








Observations:

• After a very long consolidation between 397.85 and 150.85 for last 4 years and 5 months, the counter has finally breached the 388.00 resistance and closed at 388.05 in Nov 2010.

• The RSI is trading above 75 and has potential to move up further with supporting average and trend line.

• MACD holding above the zero line for a long time, indicating a good move ahead.

• Last but not the least; Directional Index too has given positive cross over in +DI and -DI, and rising ADX suggesting a start of a new Up trend ahead



TRUE INFOTEC: MCX COPPER LONG TERM VIEW:

COPPER MCX FOR 2-3 YEARS PERSPECTIVE, WE EXPECT STRONG PULL BACK FOR THE MAJOR MOVE TOWARDS Rs 616.60 /KG, CMP Rs 417.00 /KG

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Report By: Pradeep Karnani
Research Analyst Mobile: 09966028055
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FOR PRIVATE CIRCULATION ONLY
DISCLAIMER:
Stock & Commodity trading is a high-risk movement. The above recommendations are based on Technical Analysis. Any major fundamental news or market sentiment can make these levels irrelevant or unsuccessful. The targets and time frame for the same mentioned above are indicative and may vary depending upon the market situation. Receivers are urged to exercise their own judgment in trading. Any action you choose to take in the markets is totally your own responsibility. We (TRUE INFOTEC) will not be liable for any, direct or indirect, consequential or incidental damages or loss arising out of the use of this information. This information is neither an offer to sell nor solicitation to buy any of the commodities mentioned herein the writers may or may not be trading in the securities mentioned.

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