Copper has been showing a range bound movement since the mid of July month and at such times a good trade setup is rare to find but with the help of observation and usage of basic indicators like Moving averages & RSI one can create good trade setup and get the maximum benefit out of it.
We were able to capture the move from 414 to 420 levels in our daily report “The Commodity Waves STU” with the help of RSI reversal that was derived out of observation.
MCX Copper Nov 60 mins chart: Anticipated on 5th September morning
MCX Copper Nov 60 mins chart: Happened as on 6th September
(Below is an extract of the research taken from our daily research report “The Commodity Waves STU”)
As shown on the hourly chart, prices seem to have completed wave b on the downside but a move above 425 will confirm the same. The 20-periods EMA has been moving amazingly well, one can easily find a good trade setup with the help of EMA. This is simple but very effective technique. As long as the EMA stays intact on the downside positive stance can be maintained on the metal.
In short, bias for copper looks positive. Prices are expected to move towards 424-425 levels as long as we see 415 intact on the downside.
Happened: Prices moved as expected and made a high near 429 levels and showed a move of almost 9 points.
To know what will be the next move of Copper and other base metals along with precious metals like Gold Silver subscribe to our report under the name “The Commodity Waves STU”. Also avail 2 days free trail for calls. – See here