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Importance of Mcx Copper Chart & Flag Chart Pattern

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Suruchi Pandey

The live MCX Copper chart (in the above format) and power levels are updated everyday by IndianBulls at 10.30 am Mumbai time. You can make use of these charts to understand how MCX copper is moving in the market and what future price movements are expected. The power level indicates how much of an impact the trend is having on the price. Copper Jan future has formed a "Right angled ascending broadening wedge" pattern on daily chart. The market had few sideways rallies within the channel in the last few sessions and closed green for the last session. The market is bullish and expected to continue on the same momentum based on the current price action . On breakout above the key resistance near 760, then Copper could test up to 763-766 levels in upcoming sessions.


Copper prices have been trading higher in the last few sessions, while prices came close to a key resistance recently. A break above the resistance at 767 would confirm a resumption of the rally that could bring prices up to 770-771 levels. Copper has been trading well lately. The current market is bullish based on the price action in the last few times. People have noticed Copper to be trading in a wide range since it was anounced that Copper is doing better due to China. The analysts are expecting Copper to trade higher once the consolidation ends. The Copper Market has been trading sharply higher for the last couple of months, and the market is showing strength. In fact, the market has closed with a green candle in the last session alone, and could continue with this bullish momentum in the upcoming sessions. 


Flag chart patterns are a type of price chart formation that displays many small, overlapping price bars (also called ticks or candlesticks). ... Flag patterns signify trend reversals or breakouts after a period of consolidation. ... In comparison to many other patterns in Technical Analysis, flags are considered to be the most reliable. A flag pattern is one of the most popular chart patterns employed by traders. It is defined as a trend that occurs after a pause or consolidation in price. When a trader sees this pattern, they look to buy once the price breaks out of the consolidation zone and continues its path upwards. By understanding how a flag pattern works, traders can gain an insight into how markets move and position themselves strategically for success.


 Flag patterns are known for their reliability even in a variety of market conditions. They signal the potential for a breakout to occur, and can help traders determine how far the price will move after the breakout. Because flag patterns are easy to recognize, and occur fairly often in most markets, they are a popular trading strategy used by many technical traders. A flag pattern is a bullish chart pattern that forms after a strong move up or down in prices. The flag is characterized by two parallel price trend lines (rather than just one as with a rectangle pattern) that mark the high and low of a relatively short price consolidation period. Prices form a "flag" shape as they shift between these two trendlines. Gradually, the stock declines to a support level indicated by the lowest point between the two parallel price trendlines, at which point the uptrend resumes.

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Suruchi Pandey
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