Investing Wisely

Copper made inside bar candlestick


Copper closed the previous week in red and made an inside bar candlestick pattern on weekly charts (red horizontal line) which suggest sideways movement. Trending move will come only on a break of high which is placed at $3.7130 or break of low which is placed at $3.5315 till then the copper will consolidate in this range. The base metal had a high of $3.6795 levels last week which is coinciding with 38.20% (3.6835) Fibonacci retracement from the fall of $4.5770 to $3.1315 which is indicating consolidation. Last week after the initial sell-off in the base metal we saw buy at lower levels and copper closed near the open of the week which indicates positive momentum at support levels. We expect a target of $4 and a reversal is placed below $3.30, which is the recent swing low

Copper made inside bar candlestick pattern

Copper made inside bar candlestick pattern

MCX Trend

If you liked this article, please share it on the social networking site. You can also find us on TwitterFacebook, Instagram, and, Telegram.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More