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Copper view for intraday traders 6.02.2012

March N.Y. copper closed steady at 319.20 cents Wednesday. Prices closed nearer the session low. Copper bears have the overall near-term technical advantage. Prices are in a steep five-week-old downtrend on the daily bar chart. Copper bulls next upside breakout objective is pushing and closing prices above solid technical resistance at 327.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the November low of 313.50 cents. First resistance is seen at Wednesdays high of 321.60 cents and then at 322.50 cents. First support is seen at this weeks low of 317.50 cents and then at 315.80 cents.

 

Copper February inched 0.25 rupees up to settle at 441.40. Today price objective for bears would be 440 any sustained move below that level would bring 436-433 and more down side on cards. Resistance is now seen near 446 any sustained move above that level would bring more charm in this commodity and then we may see an attempt towards 449-453 zones.

Trading range for the day is expected among the key support at 438 and resistance at 447.

Recommendation:

ü  Today buying copper above 446.20 with stop loss below 443 for targeting 449-451 and more upside.

ü  Selling can be taken below 442 with stop loss above 446 for targeting 439-435 and more down side. 

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