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.