Sell MCX copper futures by admin- Friday, August 19th, 2022 08:11:26 AM
The continuous futures of copper on the MCX (Multi Commodity Exchange) has been on a rally since the past month. After taking guide at ₹600, the contract has favored to the contemporary degree of ₹660 after touch a excessive of ₹684.3 closing week.
The chart shows resistance among ₹670-seven hundred. The 50-day transferring average (DMA) lies within these degrees, making it a significant resistance band. Therefore, the probability of a decline from here is excessive given the overall bearish fashion. In case the copper futures rally from right here, it can be capped at ₹700.
If the settlement resumes its downtrend from the cutting-edge degrees, it will most likely fall below ₹six hundred and touch ₹585, a aid stage. Subsequent assist is at ₹550.
Considering these elements, provoke fresh short positions in legs. That is, go brief at the modern-day stage of ₹660, and add extra shorts whilst the agreement rallies to ₹seven hundred. Place preliminary prevent-loss at ₹745. Once the contract slips below ₹600, tighten the prevent-loss to ₹670. Revise it similarly all the way down to ₹615 while the charge falls under ₹585. Exit all of the shorts at ₹550.