Copper:
Support: 6350 - 6950 - 7250
Pivot: 7560
Resistance: 7850 - 8150 - 8750
Copper: The head-and-shoulder pattern is one of the most popular and reliable chart patterns in technical analysis. And as one might imagine from the name, the pattern, looks like a head with two shoulders. Head and shoulders is a reversal pattern that, when formed, signal the security is likely to move against the previous trend. There are two versions of the head-and-shoulders pattern. The head-and-shoulders top is a signal that a security’s price is set to fall, once the pattern is complete, and is usually formed at the peak of an upward trend. The second version, the head-and-shoulders bottom (also known as inverted head-and-shoulders), signals that a security’s price is set to rise and usually forms during a downward trend.
Looking at the chart of Copper it has started its rally from 2800 ad after testing the higher level of 7950 short correction was seen forming the left shoulder and tested the support of 6000 level. There after the rise which was seen crossed the higher level of 7950 and move further upside where 10150 were tested. There after reversal for the higher level again it has taken support at 6610 level and formed a neck line where short bounce which was expected has been seen and tested at the higher level of 8150 level. Further we are looking the formation of the Right Shoulder where the short term top is expected to be posted and will move to test the Neck Line which comes at 6650 level and once this support of 6650 and sustain trading below 6600 will confirm the down trend. Where it’s next down side target will the previous bottom of 2800 around. If we look at the Fibonacci Expansion of point a-b from point c which comes to 5400 which is 100% and 4850 comes to 121% level will be immediate target where it may get halt for some time before the next round of selling which may be seen after short bounce. We are on the overview where the lower side bottom maybe seen at 4850 level and after testing the same further trend will be clear rather it will move to test 2800 or price may revert from the lower level of 5400 or 4850 level around.
Report by -
xDirect India
Support: 6350 - 6950 - 7250
Pivot: 7560
Resistance: 7850 - 8150 - 8750
Copper: The head-and-shoulder pattern is one of the most popular and reliable chart patterns in technical analysis. And as one might imagine from the name, the pattern, looks like a head with two shoulders. Head and shoulders is a reversal pattern that, when formed, signal the security is likely to move against the previous trend. There are two versions of the head-and-shoulders pattern. The head-and-shoulders top is a signal that a security’s price is set to fall, once the pattern is complete, and is usually formed at the peak of an upward trend. The second version, the head-and-shoulders bottom (also known as inverted head-and-shoulders), signals that a security’s price is set to rise and usually forms during a downward trend.
Looking at the chart of Copper it has started its rally from 2800 ad after testing the higher level of 7950 short correction was seen forming the left shoulder and tested the support of 6000 level. There after the rise which was seen crossed the higher level of 7950 and move further upside where 10150 were tested. There after reversal for the higher level again it has taken support at 6610 level and formed a neck line where short bounce which was expected has been seen and tested at the higher level of 8150 level. Further we are looking the formation of the Right Shoulder where the short term top is expected to be posted and will move to test the Neck Line which comes at 6650 level and once this support of 6650 and sustain trading below 6600 will confirm the down trend. Where it’s next down side target will the previous bottom of 2800 around. If we look at the Fibonacci Expansion of point a-b from point c which comes to 5400 which is 100% and 4850 comes to 121% level will be immediate target where it may get halt for some time before the next round of selling which may be seen after short bounce. We are on the overview where the lower side bottom maybe seen at 4850 level and after testing the same further trend will be clear rather it will move to test 2800 or price may revert from the lower level of 5400 or 4850 level around.
Report by -
xDirect India
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