March N.Y. copper closed up 50 points at 316.65 cents Tuesday. Prices closed nearer the session high on short covering after hitting a fresh 3.5-month low early on. Last weeks price action saw a big and bearish downside BREAKOUT from a sideways and choppy trading range. Bears have the near-term technical advantage.
Copper bulls next upside breakout objective is pushing and closing prices above solid technical resistance at 325.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the contract low of 305.00 cents. First resistance is seen at this weeks high of 318.90 cents and then at 320.00 cents. First support is seen at last weeks low of 315.35 cents and then at Tuesdays low of 313.50 cents.
Copper November inched 2.05 rupees up to settle at 435.10. Metal is getting good support near 200 days SMA that stands near 428 zones any sustained move below this level may bring 422-18 on cards. Resistance is now seen near 436.50 and then at 441 any sustained move above that level would bring more upside.
Trading range for the day is expected among the key support at 424 and resistance at 444.
Â· Selling copper on jumps around 438-440 with stop loss above 446 for targeting 431-426 and more down side might be appropriate.
Â· In alternative scenario selling can be taken below 432 with stop loss above 435 for targeting 429 and more down side.
Are you stuck in Buying/Selling decision of stocks…. We are just a call away