Wednesday, 26 March 2014

Copper Technical Comment For 27th March

The buildup of short positions has now broken the all important support in copper that was holding it from last one week. Copper declined below Rs 398 per kg, now making it more vulnerable for future corrections. The prices can now seek help from next supports at Rs 393 and 391. However, it is also that pull back in Copper can remain limited to Rs 391 considering the rapid decline in the metal that has dragged it to 1 year low in intraday charts. It is safer to sell Copper on rallies towards Rs 403 and 405 levels. Volumes have remained comparatively higher in the sessions where selling has taken place. On weekly charts, there selling in the prices can take Copper towards Rs 393 per kg, which is also its double bottom support.

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