Copper - Cup & Handle Breakout....But 😏
On Thursday, MCX Copper broke out of bullish cup and handle technical pattern which indicates resumption in bullish trend.
The Friday begins with the bullish momentum but ends with the gravestone doji, the bearish reversal candlestick pattern.
This week starts with open = high so far forming bearish engulfing candlestick pattern on the daily chart.
On a positive side, the breakout is retested and it will be important to watch the momentum between Rs.770-790 zone which will decide the success or failure of the bullish pattern cup and handle.
The break of Rs.755 will negate the bullish pattern and confirm the reversal.
The candlestick patterns indicate the cup and handle pattern is in danger.
#MCX
#Copper
#KeepItSimple
On Thursday, MCX Copper broke out of bullish cup and handle technical pattern which indicates resumption in bullish trend.
The Friday begins with the bullish momentum but ends with the gravestone doji, the bearish reversal candlestick pattern.
This week starts with open = high so far forming bearish engulfing candlestick pattern on the daily chart.
On a positive side, the breakout is retested and it will be important to watch the momentum between Rs.770-790 zone which will decide the success or failure of the bullish pattern cup and handle.
The break of Rs.755 will negate the bullish pattern and confirm the reversal.
The candlestick patterns indicate the cup and handle pattern is in danger.
#MCX
#Copper
#KeepItSimple
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MCX Copper - Death Cross, An Opportunity for Bears 📉
MCX Copper has reversed from its 6-month support line and psychological level of Rs 700.
However, the situation demands careful consideration due to the looming possibility of a death cross formation.
Here are the key details you need to know:
⚠️ Death Cross Alert: A death cross occurs when a security's short-term moving average (50DEMA) crosses below its long-term moving average (200DEMA), indicating a potential bearish trend.
📈 Crucial Resistance Level: To negate the bearish outlook, MCX Copper needs to close above the 743 level. Until that happens, the bearish sentiment may persist, offering potential profit opportunities for traders with bearish inclinations.
#Copper
#Commodity
#KeepItSimple
MCX Copper has reversed from its 6-month support line and psychological level of Rs 700.
However, the situation demands careful consideration due to the looming possibility of a death cross formation.
Here are the key details you need to know:
⚠️ Death Cross Alert: A death cross occurs when a security's short-term moving average (50DEMA) crosses below its long-term moving average (200DEMA), indicating a potential bearish trend.
📈 Crucial Resistance Level: To negate the bearish outlook, MCX Copper needs to close above the 743 level. Until that happens, the bearish sentiment may persist, offering potential profit opportunities for traders with bearish inclinations.
#Copper
#Commodity
#KeepItSimple
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