copper in bullish mode

03.00 pm IST

copper hourly chart

copper 4 hour

Good afternoon friend's. As shown in the first hourly chart of copper, price broke channel resistance line and sustained upward. Second pattern is ascending triangle pattern, which is drawn in red color. copper price made it's breakout from that pattern also. As a result 3.276 is the first tgt on hourly chart. There is no resistance from prior high's till mentioned point on hourly chart.

     Now look at another chart, soucer pattern is drawn in black color and you can see that the price made its breakout from the neckline of the soucer. so next tgt is 3.291 on 4 hour chart.

    Caution -- On 4 hour chart, there are chances that price will come down and convert the soucer pattern in to cup and handle. In that situation we will have to hold the position for more days.

     In INR for mcx tgt ll be 461 and sl is 449, cmp is 454.30. Jay Shriram.