Copper closed the previous week in red and made an inside bar candlestick pattern on weekly charts (red horizontal line) which suggest sideways movement. Trending move will come only on a break of high which is placed at $3.7130 or break of low which is placed at $3.5315 till then the copper will consolidate in this range. The base metal had a high of $3.6795 levels last week which is coinciding with 38.20% (3.6835) Fibonacci retracement from the fall of $4.5770 to $3.1315 which is indicating consolidation. Last week after the initial sell-off in the base metal we saw buy at lower levels and copper closed near the open of the week which indicates positive momentum at support levels. We expect a target of $4 and a reversal is placed below $3.30, which is the recent swing low
Copper made inside bar candlestick pattern
MCX Trend
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