Thursday, May 24, 2012

MCX Copper Tips and Trend For Today

MCX Copper suggest that prices are trading near the crucial support of 425. MACD is in a buy mode. We expect prices to go up to levels of 430.50. Copper dropped to a four-month low in New York on concern that slowing growth in China and the risk of Greece leaving the euro signal weaker demand for the metal. Copper fell on Wednesday in London to a 4-1/2-month low and sank to a fresh 2012 trough in New York, hit hard by a frenzy of riskaverse selling tied to global growth concerns and worries about Greece's possible exit from the euro zone.

Altough in MCX today copper is trading at consolidate to positive mode. MCX Copper is trading at 425.95 today. Technical charts advised that it will trade between 424-432 levels. We advised to make a buy position on lower levels. As per charts for today strong resistance level is 432 and support level is 423.

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