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The copper futures contract traded on the Multi Commodity Exchange (MCX) has been consolidating between ₹364 and ₹375 per kg over the past week. The contract is currently trading near ₹372.
The bias and the price action on the chart suggest that the contract is more likely to break above ₹375 in the coming days. Such a break can take the contract higher to ₹380 there after. Intermediate support for the contract is at ₹368.
As long as it trades above this level, there is no immediate danger for any sharp fall. Traders who have taken long position last week at ₹368 can hold their position.
Stop-loss can be revised to ₹367 for the same profit level of ₹377. Traders with high risk appetite can consider initiating fresh long position at current levels.
Stop-loss can be placed at ₹367 for the target of ₹379.
The contract will come under pressure if it breaks and records a decisive close below ₹368. Such a break will increase the danger for the contract to decline below ₹364.
The next targets on such a fall below ₹364 will be ₹360 and ₹358.
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