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Copper Daily Technical View 02.09.2014Back

Copper November contract inched 2.10 rupees down to settle at 427.40. Copper has headed an intraday low of 426 and jumped nicely. Areas of 427-424 are congestion zones and we may see good price consolidation in this range. Today price objective for bears would be 426 and then at 424 any sustained move below 424 would bring more weakness and then we will see a decline towards 418-415 zones. Key support remains at 414. Resistance is now seen near 430 any sustained move above that level would bring more charm and then we will see 433-437. Key resistance would remain at 440.

Copper trading range for the day is expected among the key support at 426 and resistance at 432.

Recommendation:

 

  • Selling below 426 with stop loss above 430 for targeting 424-421 and more downside.
  • Buying above 432 with stop loss below 429 for targeting 435- 438 and more upside.

 

Copper Daily Technical View 02.09.2014
 
 
 
Posted on: 02-Sep-2014 | Posted by: NIFM | Comment('0')
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