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Copper Technical Outlook for Intraday traders

Copper February inched 0.45 rupees up to settle at 446.30. Today price objective for bulls would be 448 any sustained move above that level would bring 451-455 on cards. Support is now seen near 443.60 and any failure below that level may bring a retest to 441 zones. Key support would be 440 and below that 436-431 is likely. Stochastic is trying to recover from oversold territory that would help prices to move upwards.

Trading range for the day is expected among the key support at 440 and resistance at 450.

Recommendation

·         Selling or staying short below 444 with stop loss above 448 for targeting 439-435 and more down side.

·         Buying above 448.20 with stop loss below 444 for targeting 451-454 and more upside might be appropriate. 

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