MCX Copper Short term View - Update

Insignia Consultants

New Delhi

Monday, February 22, 2021 TIME 6:38 PM IST                             

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MCX COPPER SHORT TERM VIEW -- update

In my copper short term view dated 5th February I had given a price target of Rs.624.60. Copper February today reached a high of Rs.717.20. This way above my price target. Momentum for copper is very bullish. There is massive investment interest in copper. Call were triggered in CME and LME on a break of $9000. Copper will continue to rise as long as momentum override technical. This is a “GameStop moment for Copper”.

MCX Copper 31st March 2021:  (previous day close/CMP Rs.695.40)

Support: 623.60-636.70 and 666.70 and 682.20 Resistance: 718.40, 747.80 and 760.80.

View till end March:  Copper has to trade over 700-710 zone for atleast ten consecutive trading days to rise to 747.70 and 777.10. Copper will crash if (a) Copper does not break 734.60 in March (b) Copper has a daily close below 682.20 for atleast four consecutive days.

LME Copper 3months faces big resistance at $9600. A break of $9600 will result in $10222.50 and $10923.50 and may be even $12000. Overall copper is bullish as long as it trades over $8600. However with every rise copper price will be vulnerable to ten percent correction any second, any minute and any hour.

Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees  have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. All analyses used herein are subjective opinions of the author and should not be considered as specific investment advice. Investors/Traders must consider all relevant risk factors including their own personal financial situation before trading.Website www.insigniaconsultants.in. Prepared by Chintan Karnani.

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Disclosure: Members, employees, directors, clients and all other people associated with “Insignia consultants” do trade in MCX metals and energies. They may or may not have positions on the trading strategies mentioned in this report. They may also have open positions in MCX metals and energies futures in trading strategies other than those mentioned in this report.

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NOTES TO THE ABOVE REPORT

ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED

PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS

PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.

ALL PRICES ARE IN INDIAN RUPEE UNLESS OTHERWISE SPECIFIED

APPROPRIATE STOP LOSSES PER LOT IN INDIAN RUPEEES ON THE TRADING CALLS GIVEN IN THIS REPORTTHE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT

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