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Copper Daily Technical Outlook 21.08.2014

Copper August contract inched 10.15 rupees up to settle at 425.05. Copper has recovered nicely from 415 zones with oversold reading on stochastic. Today price objective for bulls would be 426 above that 429-433 is likely. Support is now seen near 415 and 414 any move below those levels would bring 407 and more downside.

Copper trading range for the day is expected among the key support at 414 and resistance at 426.

Recommendation:

·         Today again buying copper on declines around 422 with stop loss below 417 for targeting 427-430 and more upside might be appropriate.

·         In alternative scenario buying above 426 with stop loss below 423 for targeting 430-433 and more upside might be appropriate.

·         In alternative scenario selling below 414.50 with stop loss above 417 for targeting 411-408 and more down side might be appropriate. 

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