March N.Y. copper closed down 180 points at 333.30 cents Wednesday. Prices closed nearer the session low. Copper bulls and bears are still on an overall 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 the January low of 328.85 cents. First resistance is seen at Wednesdays high of 335.50 and then at last weekâ€™s high of 337.35 cents. First support is seen at Wednesdays low of 332.30 cents and then at this weeks low of 331.50 cents.
Copper February inched 3.30 rupees down to settle at 457.95. Today price objective for copper bulls would be 462 any sustained move above that level would bring 467 and more upside. Support is now seen near 452 any failure below that level would bring 447-444 and more down side.
Trading range for the day is expected among the key support at 420 and resistance at 480.
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