Saturday, October 22, 2011


After the sharp falling from Rs 429 Copper has touched Rs 332, which is its swing low. Copper has slower demand in international markets due to global uncertainty. Copper is showing a downtrend in daily charts and has a strong resistance at Rs 374 -380 levels. In weekly charts Copper is trading near 200-day moving average, which is making a support zone for Copper. If Copper breached $ 2.99 level at Comex then Copper may fall more at $2.45 level. In Indian market Copper has strong support at Rs. 330-326 levels. Copper may touch Rs. 300 if Copper breaches Rs 326 on Mcx. Copper may remain range bound between Rs. 332 to 375 levels. Only short sell is advised in Copper at higher level with the strict stop-loss of Rs. 380.