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Copper Short term view basis of technical chart

Copper April contract on inched 0.20 rupees down to settle at 406.80. Today price objective for bulls would be 409 any sustained move above that level would bring 414-417-422 and more upside. Support is now seen near 405 any sustained move below this level would bring more weakness and then we may see retest to 400 zones. Key support would be 399 and any failure below that level would bring 382 on cards. Overall trend support would be 390 and closing below that level would bring 365 and more down side.

Copper trading range for the day is expected among the key support at 399 and resistance at 411.

Recommendation:

  • Today again buying around 406-405 with stop loss below 400 for targeting 413-417 and more upside might be appropriate.
  • Today again buying above 409 with stop loss below 406 for targeting 413-417 and more upside might be appropriate.
  • Selling below 399 with stop loss above 404 for targeting 394-388 and more down side might be appropriate.

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