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Copper Technical outlook for intraday trader

March N.Y. copper closed down 115 points at 333.50 cents Tuesday. Prices closed near mid-range. Copper bulls and bears are on a level near-term technical playing field. Copper bulls next upside breakout objective is pushing and closing prices above solid technical resistance at the January high of 342.45 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at last weeks low of 328.85 cents. First resistance is seen at Tuesdays high of 335.05 cents and then at this weeks high of 337.35 cents. First support is seen at this weeks low of 331.45 cents and then at 330.00 cents.

Copper February inched 1.85 rupees down to settle at 455.55. Copper is getting strong support near 50 days SMA any failure below 453 would bring more weakness in this commodity and then we will see a decline towards 450-446 and more down side. Resistance is now seen near 460 any sustained move above that level would bring a retest to 464-467 and more upside.

Trading range for the day is expected among the key support at 444 and resistance at 470.

 

Recommendation:

·         In alternative scenario selling copper below 453.30 with stop loss above 456 for targeting 451.50-449 and more down side might be appropriate.

·         Intraday buying can be taken above 460 with stop loss below 457 for targeting 463-66 and more upside might be appropriate.

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