Wednesday, April 4, 2012

MCX Crude and Copper Updates (Tips and Trend) For Today: 4th April '12

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Crude Updates

Nymex crude oil prices declined by 1.2 percent yesterday on the back of more than expected rise in US crude oil inventories as per the American Petroleum Institute data. Additionally, a stronger dollar index and Fed’s decision for not going for monetary easing exerted downside pressure on the prices of the commodity. In MCX crude has a support level at 5,234 and a resistance level at 5,322. Our technical report suggest that it is the time to make fresh buy position in MCX crude.

Trading Call: Buy around 5300 levels with a stop loss placed below 5235 levels for targets of 5450 levels.

Copper Updates

Copper declined from a near two-month high, after another large build in warehouse stockpiles that withdrew some of the bullish momentum from upbeat US and Chinese manufacturing data. Copper futures for May delivery closed slightly down by 0.1% at $3.919 per pound on the COMEX of the New York Mercantile Exchange. In MCX Copper today it has a resistance at 440 and a support level at 432. Market santiments suggest that make a short position in MCX copper.

Trading Call: Sell around 438 levels with a stop loss placed above 441 levels for targets of 434 levels.


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