Mcx Copper Report: 21st November 2019

Insignia Consultants

New Delhi

Thursday, 21 November 2019

TIME 10:09 AM IST                       

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MCX COPPER REPORT

Current price Rs.433.80 (MCX Copper November)

Bearish case: A daily close below 436.30 today and tomorrow will result in a short term bearish phase and a fall to 423.20 and 416.20 and 410.10.
Bullish case: Key support is at 430.40. Copper needs to trade over 430.40 to rise to 443.40 and 446.90 in the short term.
Trading strategy: (1) Assuming some undershooting past key technical support of 430.40, I will prefer to invest in copper between 416-420 zone with a stop loss below 409.90 for year end. (2) Day traders remain on the sell side as long as copper trades below 436.00.
A USA-China trade deal, whenever it happens should result in MCX copper near term future rising to 448 and 460 anytime. However a further increase in US-China trade war will result in MCX copper near term future falling to 410.10 and below. In short, MCX copper can move ten percent either side move before the end of the year.

Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees  have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. All analyses used herein are subjective opinions of the author and should not be considered as specific investment advice. Investors/Traders must consider all relevant risk factors including their own personal financial situation before trading. Websitewww.insigniaconsultants.in. Prepared by Chintan Karnani

Disclosure: Members, employees, directors, clients and all other people associated with “Insignia consultants” do trade in MCX metals and energies. They may or may not have positions on the trading strategies mentioned in this report. They may also have open positions in MCX metals and energies futures in trading strategies other than those mentioned in this report.

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NOTES TO THE ABOVE REPORT

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