Monday, 9 February 2015

Base Metals Prices & Analysis in Commodity Market

Prices after correcting from 1280 to 870 levels in the five wave decline has now formed the double bottom chart pattern on the daily chart. Prices broke the neckline resistance on 2nd Feb but failed to sustain above the same and fell back in to the pattern area.

MCX Feb Copper also corrected in five wave decline similar to that of MCX Nickel. Prices on weekly chart ended with a bull candle after doji candle. Rise above 361 i.e. previous swing high will be the first indication of end of downtrend. Thus, bulls can initiate long positions above 361.

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