[Premium] Trade Of The Week

Hindustan Copper has had a gravity-defying move from lower levels of 45 and has now crossed another strong resistance. Absorbing the overhead supply at 114, the price is currently trading above this level with the indicator comfortably placed in the bullish territory.

As metals continue to display strength, Hindustan Copper is expected to do well since the stock is gaining strength on a relative basis as well.

We are bullish above the level of 114 with a target near 262 in the weeks and months ahead.

Click on chart to enlarge view.

As mentioned in the latest Three Charts for the Week post as well, Nifty Commodities is outperforming the market, with Metals moving swiftly towards their next targets. Hindustan Copper has been on our radar since early this year and fulfilled the criteria of an actionable position only at current levels.

Thanks for reading and please let us know if you have any questions.

And if you're a Premium Member, be sure to check out our other weekly post, "Three Charts For The Week Ahead."

Allstarcharts Team