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Copper trading recommendation on 30.01.2014

Copper February inched 0.15 rupees down to settle at 452.85. Copper closed with a long legged doji after breaching below key support of 451 but closed well above the same. Today price objective for bulls would be 454.20 and any sustained move above that level would bring some charm back and then retest to 457-461 and more upside cant be ruled out. Support is now seen near 449 any failure below this level would bring 443 on cards.

 

Trading range for the day is expected among the key support at 420 and resistance at 480.

 

Recommendation:

·         Today selling copper on jumps around 455-456 with stop loss above 459 for targeting 453-449 and more down side might be appropriate.

·         In alternative scenario selling below 451.90 with stop loss above 454 for targeting 449-446 and more down side might be appropriate.

·         Buying can be taken above 459 with stop loss below 456 for targeting 462-467 and more upside. 

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