The MCX Copper chart is for those who want to keep a close watch on the market with real-time updates and high-frequency price updates. Any Copper indices or equities can be availed from this chart happening in India. With values fluctuating and sentiments varied, MCX Copper is the most popular metal commodity option contract in India. The price chart charts the most volatile segment of the commodities market - Copper. All investors, big and small, from banks to retailers take a keen interest in this market since it is an important ingredient used to manufacture household goods and industrial applications.
Check out the live MCX Copper chart to view the current copper prices online. Check the latest copper futures & options prices with the MCX metal spread and view updated live copper prices.
After breaking below $754, copper prices have found support at $749 and bounced back. The market has held above this level and it is currently trading sideways. While the price is holding above $749, the market has been forming a rising channel pattern. If the same holds and breaks below $749, the next downside target is $746. Alternatively, if the price holds above support near $749, there might be a short-term bullish rally to $759. Strong resistance holds at $759 and a break above this level could lead to a move up to all-time high near $763.
A flag chart pattern occurs when a price trend pauses and rises back over slightly. The pause in the trend gives us the opportunity to enter the market close to the bottom of it, creating two lower lows. The break out after the flag is formed breaks upward and continues its original strong trend. flag chart pattern is very similar to the Pennant Chart Pattern, which is not one of Elliott Waves Patterns, but more like a continuation pattern. The Flag occurs in the same way and gives us the same meaning. During a rally or an up-trend, price will somewhat pause and reverse for a few bars within a rectangular range before continuing its original trend. This does not stand as an official Elliott Wave pattern, but I have seen it work out very well so many times in the past. The flag pattern occurs when price makes a short pause to consolidate and a trend begins in the opposite direction of the original trend. This is an opportunity to catch a trending strong move at an even more attractive price. If the original trend is down, this may present an entry point to begin a new trading position based on that previous trend.
A rectangle pattern can form during a strong trend. The rectangle pattern is formed in the middle of the trend by a pause in price and a pull back before continuing the original direction. When you see this pattern, there's an opportunity to get in at the best price before the trend resumes. Flag Charts give us a much better entry price than standard bar charts when the markets are trending.