copper, on the edge of tumbling down ???

Copper, @ the edge of tumbling down ????

Study this daily copper chart levels carefully. Only after that, read the article.

From 16 th Dec 2016 onward copper is moving upward as shown in channel drawn in the daily copper chart. On 23rd feb 2017 copper break support line of this upward moving channel. Stay below the channel for last two days. There is always chances that, the commodity enter back in to channel after breaking these types of channels in either direction. But the rule is that if price broke channel downward then prior low is support & if price go below that support line, that is the confirmation of new trend.

In this copper case, copper came out of channel and kissed S1 on 23rd Feb 2017. Next day price went up creating a green candle & closed @ 394 rupees mark.

Prediction -- If copper break S1 placed @ 386 & remain below it for little time, it can go towards next support of 363. If it fails to take support @ this S2 then we can expect free fall of price till S3 which is placed @ 310.

Warning -- As this is daily chart, prediction can take time according to difference between time frame of hourly, daily chart. Usually traders use hourly chart, so keep in mind that this is daily chart. Second thing is that, after breaching the support line, one should wait for some time and make confirmation that price actually broke the support. This is essential for Safe Commodity Trades.

Hope you find this article helpful.
You can read this article on investing.com also. Link is -- https://in.investing.com/analysis/copper,-will-it-take-down-move--200176812?preview_fp_admin_1234=this_is_1234

Update 1, 27th Feb 2017, 05.50 p.m

symmetrical triangle on copper 30 min chart ? 

The symmetrical triangle, which can also be referred to as a coil, usually forms during a trend as a continuation pattern. The pattern contains at least two lower highs and two higher lows. When these points are connected, the lines converge as they are extended and the symmetrical triangle takes shape. You could also think of it as a contracting wedge, wide at the beginning and narrowing over time.

While there are instances when symmetrical triangles mark important trend reversals, they more often mark a continuation of the current trend. Regardless of the nature of the pattern, continuation or reversal, the direction of the next major move can only be determined after a valid breakout. 

Here we can see a downtrend in copper price. so I have nothing to write more about. You are wise enough to take yur decesions accordingly.

Read more about  symmetrical Triangle on following link ....  http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:symmetrical_triangle_continuation

Update 2, 27th Feb, 08.41 p.m

Update 3, 28th Feb, 12.45 am, copper daily chart

See, why I gave warning to wait for the confirmation. Copper took resistance from this confirmation line and turn southward.