Copper medium term view

Copper Medium term view LME : Cmp 8350

A)     Pattern view: Possible Head & shoulder with a small head & shoulder In right Shoulder – A bearish pattern starting to Unfold

Copper has been forming a head Shoulder pattern on weekly charts With left shoulder formed between July2009--Jun2010

And Head Formation From june 2010-- Sep2011

 & right Shoulder From Sep2011 to current away , Interesting to Know is each Shoulder--head-shoulder has roughly taken anywhere between 50-54 weeks interesting on time cycle  with The neck Line at  6800

Looking at short term charts the right shoulder is also Developing into a smaller head & shoulder pattern With each time taking of roughly 16 weeks The Neckline is Currently at 7500 and immediate upside Resistance is at 8600

So till weekly prices Are not able to Close above 8600 levels and We See a Fall back below 7300 , first The bearish indications will play for downside targets of 6400 level , Which would be Roughly near the Neckline of The larger head & shoulder

The wave counts also Suggest that we are in corrective down trend in medium term with the larger C wave starting to Unfold with Possible targets of 6200, To see Complete wave counts  plz find attached chart

Hence on upside the potential upside as if now is range of 4-10 % with many important resistance on the way and probabilities of heading down for a correction of 25 + % is getting higher in next  12—18 Months

The above reco would be negated if we have a Weekly close above 9200 Lme

Copper Weekly Medium term Update

Copper Prices After topping out For medium Term at 10150 LME prices Corrected till 8400 Levels in wave A of 2 , Now Looks like to have Completed the Corrective   Wave B at 9640 of wave (2) . Failure to Cross The Recent highs Could Push price Again Down till 8400 & 7700 in Medium term as wave C which mark end of Wave (2)

#copper , #gold , #silver Trading Levels For short term

Copper (MCX) Looks Strong -- till time prices holding the Key Level of 430 --- One Can expect An Further upside till 442--445--449  , Downside Below 430 Support at 426.5 ---410

Gold  & silver Faceing Resistance near Previous week's high on Comex , a Sustained trade Above Same Can Push prices Further up on Gold till 1447$ --1465 $--1489 $ and on Silver 36.5 $---37.2 $--38.4$
On downside Important Support on Gold now at 1415 $ & silver 35.2 $

have crude & copper topped out ?

Copper MCX Possible Price Targets at 380 SL abv 475 closing

Crude MCX possible price targets below 3400 Rupess Stops Abv 4300 closing basis 

Copper Short term view

copper has formed a double top at 9800 levels and even broken the short term trendline , re-test of resistance done today . break of 9300 levels would open down side targets of 8900 levels

MCX Copper Technical Analysis 13th August 2009