On wednesday copper hit 1 month high after solid demand from china market. Zinc and nickel also at 1 month high. Copper has broken 200 days moving averages. A technical also signal strong buy for short term traders.
Copper February inched 6.75 rupees up to settle at 454.50. Copper closed with bullish note and above 20 days SMA triggering short term bullishness in this commodity. MACD and stochastic indicators are also producing buying signal to support short term bulls. Immediate support is now placed at 447 any sustained move below that level would bring a retest to 443 and more down side. Key support would be 443 and failure of that level would bring 437 and more down side.
Resistance is now seen near 455 any recovery above that level would help this commodity jump towards 458 and then 462 zones.
Trading range for the day is expected among the key support at 420 and resistance at 480.
*Today buying copper on declines around 453-451 with stop loss below 444 for targeting 460 and more upside in near term.
* Selling can be taken below 443 with stop loss above 451 for targeting 437 and more down side.
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