MCX copper: Go short now

MCX copper: Go short now

by admin- Tuesday, February 28th, 2023 07:26:15 AM


The current fall has dragged the copper settlement below the key aid degree of ₹750. Another crucial resistance is at ₹760. The upside is in all likelihood to be capped at ₹760, in case if the agreement breaks above ₹750.

As lengthy because the settlement trades below ₹760, the view will continue to be negative. A fall to ₹735-730 is probably within the subsequent -3 weeks.

The location between ₹735 and ₹730 is a strong guide sector. As such, the current fall can halt on this assist quarter. We expect the copper settlement to bop from this ₹735-730 aid area. Such a rise can take the contract as much as ₹750-₹760 once more.

Trading strategy
Traders can go brief now. Accumulate shorts on a rise at ₹758. Keep the forestall-loss at ₹763. Trail the forestall-loss right down to ₹746 as quickly because the agreement falls to ₹742. Move the forestall-loss in addition down to ₹739 while the settlement touches ₹736 on the downside. Exit the shorts at ₹732.

The anticipated upward push from round ₹735-730 will maintain the overall uptrend that has been in place in view that September ultimate year. So, investors will need to go out the short positions at the level noted above.

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