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Copper Technical Outlook 04.06.2014

Copper June contract inched 3.20 rupee down to settle at 412.75. Metal settled within the range of prior trading session and couldnot breach the either side of previous sessions trading range. Today price objective for bears would be 411 and then 409 any failure of 409 would bring 405-401 on cards. Resistance is now seen near 415.50 and then at 419 any sustained move above 419 would call for a rally towards 423-428 and more upside.

Copper trading range for the day is expected among the key support at 409 and resistance at 417.

Recommendation:

·         Buying copper on declines around 414-412 with stop loss below 409 for targeting 417-419-423-428 might be appropriate in intraday and short term.

·         In alternative scenario buying can be taken above 417 with stop loss below 415 for targeting 420-424 and more upside might be appropriate.

·         Selling can be taken below 409 for targeting 405-401 with stop loss above 415 and more down side. 

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