Hindustan Copper (Weekly) – Chart Read

1️⃣ Trend & Structure Primary trend: Strong long-term uptrend (higher highs & higher lows since 2020). The recent move looks like a corrective phase completed followed by a fresh impulse leg. The marked (1) → (2) → (3) → (4) suggests an Elliott Wave impulse unfolding, with Wave 3 projected ahead. 2️⃣ Fibonacci Insights From the major swing high to swing low: 0.5 – 0.618 zone (₹385–₹430) → This acted as a strong demand / accumulation zone. Price has reclaimed 0.618 decisively, which is bullish. 0.786 (~₹498) is the next major breakout confirmation level. 3️⃣ Key Levels to Watch Support ₹430–445 → Immediate support ₹385 → Critical trend support (must hold for bullish structure) ₹315 → Long-term invalidation zone Resistance / Targets ₹500 → Psychological + Fib resistance ₹585–600 → Wave-3 extension zone ₹820–850 → 1.618 Fib extension (medium–long term) ₹900+ → Aggressive Wave-3 / Wave-5 projection (long term) 4️⃣ Moving Average & Momentum Price is above the long-term moving average, which is rising → trend strength intact. Recent candles show strong bullish expansion, not distribution. No major bearish divergence visible at this stage. 5️⃣ Probable Scenarios Bullish (Higher Probability) Hold above ₹430 Break & sustain above ₹500 Rally toward ₹585 → ₹820 over coming quarters Bearish (Invalidation) Weekly close below ₹385 That would imply extended consolidation rather than impulse 📌 Summary Bias: Bullish (medium to long term) Best strategy: Buy on dips / breakout above ₹500 Risk: Manage below ₹385 on weekly basis Trend strength: Strong and improving