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Copper futures on the Multi Commodity Exchange (MCX) recently broke out of a sideways price band, trading between ₹720 and ₹725, observed between January 10 and January 23. Last week, the futures surpassed the ₹725 resistance and breached the additional hurdle at ₹730, marked by the 50-day moving average, closing at ₹732 on Monday.
The breakout has improved the outlook for copper futures, with the possibility of further appreciation. The chart indicates resistance levels at ₹740 and ₹745, suggesting a potential rally to these levels in the near term. However, a slip below ₹725 could turn the outlook bearish, leading to a decline beyond ₹720 and potentially down to ₹700.
Considering the current favourable chart setup, traders are advised to go long on the February contract at ₹731. Additional long positions can be added if the price dips to ₹726, with a stop-loss set at ₹723. The stop-loss can be tightened to ₹735 once the contract touches ₹740, and long positions can be liquidated at ₹745.
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