Buy MCX Copper August; target Rs 434-440: Ventura

Ventura Commodities' medium term technical outlook on commodities

Technical Outlook on MCX Copper MCX Copper prices have given a BULL FLAG BREAKOUT in Daily Chart. Flags are short-term continuation patterns that mark a small consolidation before the previous move resumes. These patterns are usually preceded by a sharp advance with heavy volume, and mark a mid-point of the move. Also we witnessed increase in the volumes on the day of breakout which further supports bullish momentum in the commodity. Buy MCX Copper August in the range of Rs 416-416.30 for the target of Rs 434-440 with a stoploss of Rs 403. Technical outlook on MCX Lead MCX Lead prices have given a SYMMENTRICAL TRIANGLE Breakout in Daily Chart. Breakout in RSI and ADX also confirming the Trend. The symmetrical triangle, which can also be referred to as a coil, usually forms during a trend as a continuation pattern. The pattern contains at least two lower highs and two higher lows. When these points are connected, the lines converge as they are extended and the symmetrical triangle takes shape. Buy MCX Lead July in the range of Rs 123-123.30 for the target of Rs 135-142 with a stoploss of Rs 117. Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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