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The copper futures contract traded on the Multi Commodity Exchange (MCX) has tumbled after recording a high of ₹418.2/kg on Friday.
However, this fall halted at a key trend line support at ₹402 and the contract is reversing higher from this low.
Further decline in the contract is expected to be limited as there are two key trend line supports available near current levels. One is at ₹402, which is holding as of now.
The other support is at ₹400 which is a significant long-term trend line support.
The short-term outlook could turn bullish in the coming days if the contract trades above ₹400. A rally from here can target ₹410 and ₹415 in the coming days.
Traders with a short-term perspective can go long at current levels.
Stop-loss can be placed at ₹399 for the target of ₹412.
The bullish outlook for the MCX-copper futures contract will get negated if it declines below ₹400.
he ensuing targets on such a fall will be ₹395 and ₹392.
Such a fall will also increase the danger of the MCX-copper futures tumbling to ₹365 and ₹350 levels over the medium-term.
Note: The recommendations are based on technical analysis. There is a risk of loss in trading.
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