MCX Copper has recently witnessed a sharp pullback after it tested downward sloping trend channel C1 near Rs.368 level as shown above. The price has now moved above its resistance line show by dotted line and has settled well above the same since last 1 month. Last week a doji candle after two consecutive weekly decline in the commodity suggests prior up move could possibly resume and copper price can rally to a fresh two-week high near Rs.425 level.
The 14-period RSI is currently holding above the support line just below the 50 mark and is pointing higher indicating positive momentum for the price.
Hence, it is advisable to go long on MCX Copper for this week for the target of Rs.425 on the upside.