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Copper technical outlook

Copper February inched 0.35 rupees up to settle at 450.25. Copper is getting good support near 10 and 20 days SMA lines that are standing around 448 any sustained move below 448 would bring 445-443 on cards. Key support would remain at 440 and any failure below that level would bring 436-433 on cards. Resistance is now seen near 453.30 any sustained move above that level would bring 457-460 and more upside.

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

Recommendation:

  • Today buying copper above 453.20 with stop loss below 450 for targeting 456-460 and more upside.
  • Selling at 448 with stop loss above 451 for targeting 445-442 and more down side might be appropriate.
  • Buying on declines around 443-442 with stop loss below 440 for targeting 448-453 and more upside might be appropriate in short term.
  • In another likely scenario selling below 440 with stop loss above 443 for targeting 436-433 and more down side might be appropriate. 

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