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The copper futures contract traded on the Multi Commodity Exchange (MCX) gained almost 2 per cent to touch ₹317.2/kg on Tuesday, after taking support at around ₹310.
However, the short-term trend continues to be down for the contract. It now faces a key resistance point at ₹320. The 200-day moving average is also poised at this level. The contract was trading flat at the ₹317 level on Wednesday.
Only a decisive rally beyond ₹320 will alter the short-term downtrend and take it northwards to ₹325 and ₹330.
An inability to move beyond ₹320 will keep the downtrend intact and the contract can decline to ₹315 and ₹310 in the short term. Next supports below ₹310 are at ₹305 and ₹300.
Both the daily and weekly relative strength indices are featuring in the neutral region. Other indicators, such as price rate of change and moving average convergence divergence, are showing mixed signs.
Traders with a short-term horizon should desist from trading in the contract. Fresh long positions are recommended with a fixed stop-loss only if the contract emphatically breaches the ₹320 level.
The copper futures contract has been on a sideways consolidation phase in the wide range between ₹305 and ₹340 since February. A decisive breakout on either side of this range is needed to decide the contract’s long-term trend.
Note: The recommendations are based on technical analysis. There is a risk of loss in trading.
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