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Copper Trading Strategy for intraday 07.05.2014

Copper June contract inched 1 rupee down to settle at 408.85. Copper has again entered below key level of 412 and holding well below the same for 3rd consecutive day making it very difficult for bulls. Stochastic has given a bullish cross near 40 levels is slightly positive for bulls. Today price objective for bulls would be 414 any sustained move above that level would bring some charm and then we may see 417 and more upside. Support is now seen near 408 and then at 405. Any failure of 408 would bring a retest to 405 zones whereas failure of 405 would open the doors for 402-397.

Copper trading range for the day is expected among the key support at 408 and resistance at 414.

Recommendation:

·         Today buying copper on declines around 408-407 with stop loss below 405 for targeting 411-415 and more upside.

·         Selling below 405 with stop loss above 409 for targeting 401-397 and more down side.

·         In alternative scenario buying above 414 with stop loss below 411 for targeting 417-420 and more upside. 

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