MCX Copper Tips
Copper rose for the third straight session on LME, as opinion polls showed support for Greek political parties backing a bailout plan, easing concern about the euro-region debt crisis that threatens to crimp demand. Copper futures for July delivery closed marginally higher at $3.4685 per pound on the COMEX of the New York Mercantile Exchange. Technical chart of Copper suggest that prices have reversed after taking support at 425. RSI is in buy mode. We expect prices to go up to levels of 431.
We suggest to Buy MCX Copper June around 427 levels with a stop loss placed below 424 levels for targets of 431 levels.
MCX Crude Oil Tips
Oil rose for a third day in New York as speculation that U.S. economic growth will boost fuel demand in the world’s biggest crude consumer countered concern Europe’s debt crisis will worsen. Crude for July delivery climbed as much as $1.13 to $91.99 a barrel. WTI Crude Oil is currently trading at $91.20 per barrel. MCX Crude Oil May is currently trading at Rs. 5084, it is trading up by Rs. 13 for the day.
Technical chart of Crude Oil suggest that prices have reversed after taking support at 5065. RSI is in buy mode. We expect prices to go up to levels of 5150.
We Suggest to Buy MCX Crude June above 5100, Stop loss 5070, Target 5130-5140.
