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Copper Technical View watch on chart
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10-Jan-14 01:15PM
March N.Y. copper closed down 495 points at 329.35 cents Thursday. Prices closed nearerthe session low and hit a fresh three-week low. Copper bulls have faded and are back on a level near-term technical playing field with the bears. Copper bulls next upside breakout objective is pushing and closing prices above solid technical resistance at last week’s high of 342.45 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 325.00 cents. First resistance is seen at 330.00 cents and then at 333.00 cents. First support is seen at Thursday’s low of 328.08 cents and then at 327.50 cents.
Copper February inched 7.40 rupees down to settle at 455. Copper has witnessed a largest drop yesterday after November 2013. Today price objective for bears would be 454 any failure below that level would bring 451-448 and more down side. Resistance is now seen near 464.10 any recovery above that level would bring more charm in this commodity and then rally towards 468 and more upside might be appropriate.
Trading range for the day is expected among the key support at 420 and resistance at 480.
Recommendation:
· Selling copper on jumps around 458-460 with stop loss above 464 for targeting 455-453-449 and more down side might be appropriate.
· In alternative scenario selling copper below 454.50 with stop loss above 456 for targeting 451.50-449 and more down side might be appropriate.
· Buying can be taken above 464.10 with stop loss below 460 for targeting 468-471 and more upside might be appropriate.
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