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Copper Outlook based on Technical chart for intra day / short term trader

Copper April inched 4.75 rupees down to settle at 438.90. Copper closed just nearer immediate support of 437 with a bearish note. Today price objective for bulls would be 446 any sustained move above that level would bring more charm and then 449-453 and more upside is likely. Support is now seen near 436.50 any move below that level would bring 433-31-428 on cards.

Copper trading range for the day is expected among the key support at 436 and resistance at 444.

Recommendation:

§  Today selling copper on jumps around 440-441 with stop loss above 445 on closing basis for targeting 433-428 and more down side might be appropriate in short term.

§  In alternative scenario selling below 438 with stop loss above 442 for targeting 433-431-428 and more down side might be appropriate. 

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