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Copper Technical outlook for short term trading 5.8.2014

Copper August contract inched 3.65 rupees up to settle at 438.90. Copper settled near 439 zones nearer the upper end of a bullish continuation pattern on daily chart. Today eyes will remain at 439.50 any sustained move above these levels would bring more charm and then commodity will try heading towards 444-447 zones. Areas of 450 may act as good psychological resistance. Support is now seen near 433 any move below that level may bring a retest to 431-429 zones. Key support remains at 424.50.

Copper trading range for the day is expected among the key support at 434 and resistance at 439.5.

Recommendation:

·         Selling copper around 435-436 with stop loss above 439.50 for targeting 432-429-426 and more down side might be appropriate.

·         Buying above 439.50 with stop loss below 435 for targeting 443-447 and more upside might be appropriate.

·         In alternative scenario selling below 434 with stop loss above 437 for targeting 431-429-426 and more down side. 

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