Wednesday, December 5, 2012

Trading MCX Copper using Channels and Elliott Wave

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MCX Copper continues the uptrend in the channel as expected. Channeling technique is working precisely for copper as it is moving within the channel forming higher highs and higher lows.

In our previous update of our daily publication we had mentioned that “The uptrend looks to be intact and one minor push towards 447 looks plausible. The entire range of 445 to 447 becomes strong resistance on upside and for up move to continue further a decisive close above 448 is required. A move below 442.50 will confirm that it is headed towards 440 levels over short term. Any close above 447 can increase the buying pressure.”

The below chart of copper MCX Copper 60 mins chart (February Contract) shows how precisely copper had moved as per our expectation.

Copper has been moving exactly as expected. Prices made a high of 447.70 but failed to move above 448 levels. It then finally closed at 446. The channels have worked precisely for Copper so far.

To know the further trend of MCX Commodities like Gold, Silver, Copper, Crude Subscribe to our Daily Publication of “The Commodity Wave Short Term Update” and stay ahead from the crowd. 

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