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Copper Updates
In MCX Copper anticipated move towards 417 has already been triggered. Day’s bias likely to continue the selling pressure but it would required an initial push higher before resuming such strong sell off. Rise above 429 could signal mild positive bias but prices needs to be close above 436 to dent our bearish expectations. MCX Copper suggest that prices are trading near a crucial support of 418. There is a positive divergence seen in stochastic. We expect a techncial bounce up to levels of 422.
Trading Call: Buy MX Copper above 418 with a stoploss of 415 for targets of 422.
Crude Updates
From the intra-day perspective, we expect crude oil prices to trade on a bearish note on account of expected rise in US crude oil inventories coupled with strengthen in the US dollar index. We expect crude oil prices to trade with a sideways bias as on one hand supply concerns from Iran will support prices while on the other hand expected rise in US crude oil inventories may exert downside pressure. Crude prices are holding the support at 5190 -5180, one can witness selling pressure below that.
Trading Call: Sell MCX Crude below 5250, with a stoploss of 5280, Target of 5210.
