Monday, March 5, 2012

MCX Copper Updates For Today: 6th March '12

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Overall, prices may continue to be volatile with the bias remaining positive. Prices may witness correction from current levels amid uncertain global outlook however strong fundamentals may continue to support prices.
The daily price chart suggest that prices are trading close to a crucial resistance of 434. RSI and stochastic are loosing their strength. We expect prices to correct up to levels of 415 is the levels of 430 is breached. Copper may trade in range of 428-435.
Copper has been moving up in an upward sloping parallel channel, it has touched the upper end of the channel i.e. 442. However the risk-reward does not favor the bulls as of now. So, one can sell near 440 for the target 418 which is its 20 DMA. Further firmness in US Dollar and choppiness in global equities may too put pressure on the prices. However optimism of improving pace of recovery in US may lend support to the prices.

We recommend a sell below 430 levels with a stop loss placed above 440 levels for a target of 415 levels.

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