Inverse H & S on Copper hourly and 30 min chart

mcx copper hourly

     There is inverse Head & Shoulder pattern on mcx copper hourly chart. This is bullish pattern and sign of bullishness in the price. It accures on the bottom of the downtrend. Neckline is placed at 362, by after breakout, tgt is 369. currently price is trying to break neckline. Thank you, Jay Shriram.

Final update

     Finally it happened, took 8 days, some horror downmoves, not in good way at all. But finally gave profits. so good bye, thank you, Jay Shriram. post is closed.

copper --- nearing its death

Nithing to say in words, look at the chart and judge it.
head and shoulder pattern on copper daily

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.

Todays commodity view

Todays commodity view, 13 th Feb 2017, 12.12 pm

Remember these are only views & not calls as I am not intraday trader. I hate intraday view.

Crude -- cmp 3600, bullish with support of 3540, can go towards 3700.

Copper --- cmp is 414, gap on hourly chart between 408 to 412, bullish, one can buy near 408 -- 409.

Ng -- cmp is 200, bearish view, very near to our tgt of previous NG call

Short copper below Rs 388

Study the given hourly & daily chart of copper & short copper if it breach the given support lines.

As shown in the hourly chart, there are 2 support lines near 387 & 388 for copper price. If price breach these lines, it can tumble down. Again question arises about target. Many readers confuse about it and ask me by mail. But for tgt, study the geven daily chart and look @ the S3 line which can be next stop for copper. Which is placed @ 372 around. But I know that, you guys are typical intraday type guys, you can watch the given levels, if copper price breach s1 , s2 then go short on it and earn some money. Thank you & Jay shriram.

Update 1 -- 12.48 pm, 11th Feb 2017.

Short copper call is not initiated. Price took U turn & turn upward from389. So call is closed. Yes, this the great aspect of positional trading. If we not get the correct chart structure, we should not trade. We lost nothing. Thank you, Jay Shriram.

Copper in a downward channel, go short below 327 mark

Enter short below 327

Study the attached chart carefully. Since yesterday fall, copper price is moving in a downward channel, it sustained within the channel for whole day today. You can see second last candle, attempt failed to cross resistance line of the channel placed near 330 and it returned back in channel. Now price is 329.55 mcx. Looking @ the chart structure, it should come down towards 323 to 324 , where it will get support from the support line of this channel. Take positions only after price break below 327 mark, which is now support.

Make your study carefully and then trade, use sl for protection of capital. Wish you happy trading.

Update 4th aug 2016

 Nothing to say in words, today's chart is attached here. 

Copper @ its support point, can reverse on upside

copper @ its major support, if reverse then can go above 340

As seen in the chart, copper price is @ its major support. This support is major support because there are 2 support points. If make reverse on upside, it can break resistance of 340 and fly upward, if breach 328 level on downside, then it will enter in bearish phase.

Trade accordingly.

it broke support and enter in to bearish field, while typing .

copper, chance to enter long for 4 points.

chart 2 , copper daily

Support & Resistance

As shown in the daily chart 329 is major support, if sustained below it, then next support is placed @ 317. But chances of bear move is less than bullish move. Resistance is placed near 340, if breach it then first tgt is 345 and after crossing it price can spark towards 370.

Hourly chart , intraday trading levels 

Study very carefully attached hourly chart, you can see circles named A-Z, A-Z, A-Z & A. Yes now we are @ 4th A, which is placed @ Rs 333.25. We can expect Z around 337 to 338 +. 

conclusion

One can go for buy @ cmp Rs 333.25 for the first tgt of 338 around, if price moves and sustain above 340 level then 345 followed by 369. But that is not intraday trading. Better is to book 3 to 4 points profits and enjoy to see sms of positive mtm on your mobile. Book profits regularly and use trailing sl method. Yesterday we did the same and booked profits. @ the end of the day price collapse to point A. Thank you, keep visiting, if you like the post or dislike it, please mention in comment box.

22/07/2016 copper levels

 As shown in chart, copper is near channel support, it broke channel but returned within it quickly. by using channel support line as long entry point one can enter in long keeping sl @ 333.80 which is current low.

Copper in free fall mode

                                      10/7/2016, Sunday.

                        

Channel Pattern 

As indicated in attached daily copper chart, we can easily see that, copper price is moving in a donward moving channel since last 90 days. On 3 occasions ( a,c,e ) it touched resistance line. Price respected resistance line in this upward journey and came back to visit support line ( b & d ). In the third upmove it touched the resistance line and fall vertically. This point is shown in red rectangle.

There is another channel within the main channel, which is indicated by red lines. After returning from resistance line ( rectangle ), price breach support line of this blue colored channel ( circle ) around Rs 325 - 326 mark and as a result it got new steam for its down ward journey. 

                              Failure Of  Expanding triangle

Usually price fell after end of expanding triangle but here we can see the failure of this chart pattern. We can see this triangle colored in blue lines. Instead of going down price sparked upward and touched point e of resistance line.

                                        Moving Averages 

For the purpose of study of dma, 3 types of dma,s used here. (1) 5dma is shown in yellow line (2) 10 dma is shown in blue color line (3) 20 dma is shown in green color line. 5 dma line crossed 10 dma line in downward direction. As there are only 5 days or 5 candles in its downward journey, 10 dma line is yet to show new direction.

                                              Conclusion

Looking at channel structure and break of inner channel support line, we can hope that price will continue its journey towards main support line of big channel towards supportline placed around Rs 300 or 2.22 dolor mark. If we think only about main channel irrespective of inner blue colored channel, price is heading toward support line after visiting resistance line. Support line is placed around Rs 296 to 297. But there is support around Rs 300 or dolor 2.22 which is last time low, shown as point d. So keeping all this factors in mind I suggest to go short in copper @ cmp Rs 318 or 2.12 dolor for the targeted price of Rs 301 mcx or dolor 2.02 with the sl of Rs 321.60 mcx or dolor 2.15 around. Stop loss is placed @ the high price of last day candle. Hoping good profits from this trade, wish you best luck. Request you to use trailing sl method for safer profits. Thank you.