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Copper Technical Short term Outlook 09.07.2014

Copper  August  contract  inched  0.55  rupees  down  to  settle  at  434.45. Yesterdays session was a volatile session for this counter and it settled with a shooting star candlestick formation just nearer the 200 days SMA on daily continuation chart. Price action near 200 days SMA hints that bulls are fading and bears are taking charge. Stochastic is also in overbought territory that attracts bears. Its time to stay cautious in this metal. Today price objective for bulls would be 438.20 any sustained move above that level would bring more charm and then rally may extend towards 442 and more upside. Support is now seen near 432.50 and then at 431 below that we will see a retest to 427-24 zones.

Trading range for the day is expected among the key support at 425 and resistance at 444.

Recommendation:

·         Today buying copper above 438.20 with stop loss below 434 for targeting 442-445 and more upside might be appropriate.

·         In alternative scenario selling below 431 with stop loss above 435 for targeting 427-24 and more down side might be appropriate. 

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