Wednesday, May 16, 2012

MCX Copper Updates and Tips For Today: 17th May

All base metals are expected to trade on a negative note today. Expect to continue the prevailing weak bias initially towards 417/414 or even more. A direct rise above 425 could negate chance of further selling pressure. Copper prices were also pressured by worries about growth in demand from top consumer China, with investors seeing Beijing's weekend move to cut banks' reserves to boost lending as an affirmation that the world's No. 2 economy is slowing further.
MCX Copper is trading in a downworth position have a immidiate support of 414 and a strong resistance of 428-433.

Copper and closed below 1 week low with volume signals down breakout in its last trading session. Currently Copper is in sell position. The Copper is in downtrend For short term but buy only if it get the level of 426 today. The Copper is now trading in highly oversold level.

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