Copper Updates:
Base metals is back up. Although copper, nickel and zinc is trading flat. But aluminum and lead are well recovered. Aluminum is trading at Rs 113.15 down by 0.5 per cent. Lead up 0.25 per cent to Rs 127.65 doing business. With 0.1 per cent down MCX Copper is trading at Rs 449.25. Zinc gained 0.2 percent, while nickel is trading 0.1 percent higher at Rs 958.20. Copper trend suggest that prices are trading near a crucial resistance of 452 levels. Stochastic is in a sell mode. We expect prices to correct up to levels of 443.
Crude Updates:
MCX crude oil futures were trading slightly down tracking the down in benchmark contracts on the New York Mercantile Exchange. Nymex Crude oil prices gave trend line breakout in Daily chart above $87 (Rs4750). There was negative diversion also when prices fell from $84.5 to $84.0 in daily chart; RSI was moving higher, indicating reversal of trend. Current trend of crude oil suggest that prices have reversed after taking resistance at 5170 levels. Stochastic is in a sell mode. We expect prices to correct up to levels of 5040.
