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Copper Technical Outlook 23.05.2014

Copper June contract inched 0.35 rupee up to settle at 407.45. Today price objective for bulls would be 411.50 and then 414.50 any sustained move above that level would bring 417 and then 421. Support is now seen near 404 any sustained move below that level would bring 401-397 and more down side on cards.

Copper trading range for the day is expected among the key support at 402 and resistance at 414.

Recommendation:

·         selling copper around 409-410 with stop loss above 414.50 for targeting 402-396 and more down side might be appropriate in short term.

·         Buying above 414.50 with stop loss below 410 for targeting 418-421 and more upside might be appropriate. 

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