Base metals like Zinc, lead, Copper are witnessing volatility from past few trading session. So was it easy to get forecast this move?
Below is the chart which is taken from “The Commodity Waves STU”which was published in the morning on 20th August, 2018. We have been using Exponential Moving averages as it gives more weight age to recent price change and various other techniques to capture trend and reversals..
MCX Copper Aug 60 mins chart: Anticipated as on 20th Aug, 2018 in morning report
MCX Copper Aug 60 mins chart: Happened as of 20th August, 2018
(Below is an extract taken of research published in our daily commodity research report)
Anticipated:Copper in the previous session traded within the range of 408-403 levels, some sideways action seems to be in the kitty for the coming session.As shown on the hourly chart, prices in the previous session did not show any significant move as it traded sideways and we can expect the same in the coming session as long as 410 is contained on the upside. If prices break 410 levels and move on the upside we can confirm the completion of wave c on the downside and a new leg has begun on the upside.In short, bias for copper looks sideways to positive. A break above 410 is expected to take the prices higher towards 415 levels.
Happened: Prices have moved as expected and made a high near 416 levels.The EMA is providing good support hence we can expect the prices to move upwards in the coming sessions.
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