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Copper View on the basis of Technical Chart

Copper April contract settled at 401.25 up by 4.15 rupees. Metal settled well within the range of prior session and with a bullish candle that qualifies as a bullish harami candlestick pattern. Today price objective for bears would be 397 and then 395 any sustained move below that level would bring more weakness and then we will see a decline towards 391-387 and more down side. Resistance is now seen near 404.20 any move above that level would bring 406 and any closing above 408 would bring 414-417 on cards.

Trading range for the day is expected among the key support at 390 and resistance at 408.

Recommendation:

·         Selling copper on jumps around 400-401 with stop loss above 404.50 for targeting 397-393 and more down side.

·         Selling below 395.50 with stop loss above 401 for targeting 393-387-383 might be appropriate in intraday and short term.

·         Buying above 404.50 with stop loss below 402 for targeting 406-408-414 and more upside.

 

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