Copper February inched 2 rupees down to settle at 458.60. Copper is now hovering near crucial resistance zones of 460-462 and selling pressure appearing with over bought reading on stochastic indicator. Overbought reading on stochastic indicator preventing fresh bulls to jump in. Today price objective for copper bears would be 458 and then at 456.50 any sustained move below 456.50 would result in more weakness and then we may see a dip towards 450 and more down side.
Resistance is now seen near 463 any sustained move above that level would bring 466-470 on cards.
Trading range for the day is expected among the key support at 449 and resistance at 470.
Â· Selling below 458 with stop loss above 462 for targeting 453-448 and more down side.
Â· Today buying copper above 462.50 with stop loss below 459 for targeting 466-470 and more upside.
Are you stuck in Buying/Selling decision of stocks…. We are just a call away