Continuing the bullish trend Copper extended the rally last week and made the high of Rs. 447. Nearterm outlook remains positive as long as the prices hold the support of 430 levels and on higher side target for this uoward move comes around 452. A strong close on weekly basis will further strengthen the movement in copper in coming days. RSI-14 period and long-term momentum indicator MACD both are placed in positive territory by supporting the bullish view.
MCX Copper suggest that prices have breached the crucial resistance of 443. RSI is in a buy mode and prices are trading above short term averages. We recommend a buy around 445 levels with a stop loss placed below 440 levels for a target of 455 levels.
