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Copper Technical View for intraday

Copper April contract settled at 399.60 down by 3.10 rupees. Commodity hovered in the range of prior trading session and couldnt form any side breakout on daily basis. Today price objective for bulls would be 406.40 any sustained move above that level would bring some charm and then commodity will try moving towards 409-411-414 and more upside. Support is now seen near 397 any sustained move below that level would bring more decline and then we will see retest to 394-391 and more down side.

Copper trading range for the day is expected among the key support at 397 and resistance at 407.

Recommendation:

·         Today buying copper above 406.40 with stop loss below 403 for targeting 409-411 and more upside.

·         Selling below 397 with stop loss above 402 for targeting 394-391-387 and more down side might be appropriate. 

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