Copper is trading near potential resistance zone resting at 400 – 420. Future movement and sentiment bias depends on how price action reacts around this resistance zone. Traders should keep Copper in their watch list; it can offer excellent positional trading opportunity in coming weeks. Have a look at the Price action analysis on Weekly chart of MCX Copper.
When we observe the chart, its obvious to spot that Copper prices are still in range. Prices are in temporary equilibrium (which means both buying and selling pressure is equal) we can notice this through swing analysis method. Market is ranging between 405-370. FT Setup at 370 indicates Buyers conviction to bid prices higher from lower levels. Now it’s time to observe how sellers are going to behave around resistance zone. If buyers can absorb the selling pressure then prices will shoot up – In case if strong offers exist at resistance, selling pressure will absorb further rallies. In either case, it can offer excellent setup for Traders.
