Friday, March 16, 2012

MCX Copper Updates (Tips and Trend) For Today: 16th March '12

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Copper is higher by 0.20%. MCX Copper: Prices have support at 432 and resistance at 440. Copper prices have broken the trendline and have managed to close above 433, which suggest more upside around 440 can be expected for the metal. One can buy around 432 -433 maintaining the stop loss below 427.Oscillators are in positive territor. OECD has stated that the developed world appears to set for a pickup in the months ahead, but China`s economy is likely to slow further. Copper closed higher, bolstered by an increasingly tighter supply outlook after LME warehouse stocks fell further and labor-related problems forced one of the world's top miners to lower its first-quarter sales outlook

We suggest that sell MCX Copper around 438.5 / 439, Sl must be 441 and Target should be 434 and 430.

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