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Copper technical outlook 31.10.2014

Copper November contract inched 4.70 rupees down to settle at 416.90. Copper has witnessed nice decline after hitting descending trend line resistance near 422 zones. Today price objective for bears would be 413 and then 411 any failure of 411 would bring 405 and failure of 404 would offer 397-393 on cards. Resistance is now seen near 421 and then key resistance would remain at 424 and any closing above that level would bring 430-35 and more upside.

Copper trading range for the day is expected among the key support at 411 and resistance at 424.1.

Recommendation:

·         Selling on jumps around 419-421 with stop loss above 424 for targeting 411-408-405 and more down side might be appropriate.

·         Buying can be taken above 424.10 with stop loss below 421 for targeting 428-431-434 and more upside might be appropriate.

·         In alternative scenario selling below 411 with stop loss above 413.40 for targeting 408-405 and more down side might be appropriate. 

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