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Copper Technical outlook 28.07.2014

Copper August contract inched 3.50 rupees down to settle at 431.95. Today support would be 431 below that it will try heading towards 428-425. Key support would be 424 below that 420-417 is likely. Resistance is now seen near 438.20 above that 442-447 is likely.

Copper trading range for the day is expected among the key support at 427 and resistance at 436.

Recommendation:

·         Today again buying copper on declines around 433-432 with stop loss below 427 for targeting 438-444-447 and more upside might be appropriate for intraday and short term.

·         In alternative scenario buying above 436 with stop loss below 433 for targeting 439-442-447 and more upside might be appropriate.

·         Selling below 427 with stop loss above 431 for targeting 424-421 and more down side. 

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