The Commodity from past 10 is correcting the commodity is losing strength, the thing to watch at this point is the commodity going to take support at this level or the commodity is going to continue the downside move.


At the end of the day buyers came into action and closed the price above the low. Previous day buyers were dominating but there was not so much volume in the move.

If the commodity closes below the 0.382 fibonacci level we can expect some selling pressure coming in the market.

The 50 day ema is trading just below the 0.382 level, if the commodity closes below the EMA we will get another confirmation. The only concern is the RSI is yet not able to change the trend as it is a lagging indicator it will take time. For a risky trader a position can be entered once in an intraday period the commodity crosses below the mentioned level, for a conservative trader wait for 2 cday to close below the mentioned level.

The RSI is following the price and we can expect the rsi to follow the price ahead.

Advice : Sell if the mentioned level is penetrated.

Copper

Oct 31 2021