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Copper trading view for intraday trader

Copper February inched 4.20 rupees up to settle at 470. Copper is now trading in resistance zone among 466-471. Stability above 465 remains bullish for this commodity and sustained move above 471 would bring more charm and then retest to 473-477-480 and more upside cant be ruled out. Support is now seen near 466 any sustained move below that level would bring a retest to 462 and then 458. Key support would remain at 456 and any failure with closing below that level would bring a retest to 450-447 and more down side.

 

Trading range for the day is expected among the key support at 450 and resistance at 480.

 

Recommendation

* Today buying copper above 474 with stop loss below 470 for targeting 478 and more upside.

* Selling below 466 with stop loss above 470 for targeting 462-459 and more down side.

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