Posts
MTECHTIPS:-COPPER
Copper is likely to trade sideways during the morning session on Monday, 14th May amidst the investor's fret on Greece's formation of a government still lurked out in the market. But, the Chinese announcement of reserve requirement cut for the third time in six months citing the sluggish growth in the economy might solace the metals from its further fall. Copper is likely to find support at Rs 430 per kg and Rs 428 per kg and resistance at Rs 435 per kg and Rs 438 per kg. Copper again resurfaced below the $8000 per tonne levels on Friday, 12th May as the gloomy spate of Chinese economic data and political uncertainties in Greece bought in huge losses during the morning session. But, the losses were trimmed after the sanguine economic data from the US.Copper continues to trade in a very small range and sustaining at current levels indicates consolidation. Copper faces stiff resistance at higher levels above 436 any up move in the commodity will open up 442 and higher levels in coming days. Copper has strong support below 428 levels any dip will retest 424 levels. The outlook remains positive and accumulation is seen at current levels.
Copper is likely to trade sideways during the morning session on Monday, 14th May amidst the investor's fret on Greece's formation of a government still lurked out in the market. But, the Chinese announcement of reserve requirement cut for the third time in six months citing the sluggish growth in the economy might solace the metals from its further fall. Copper is likely to find support at Rs 430 per kg and Rs 428 per kg and resistance at Rs 435 per kg and Rs 438 per kg. Copper again resurfaced below the $8000 per tonne levels on Friday, 12th May as the gloomy spate of Chinese economic data and political uncertainties in Greece bought in huge losses during the morning session. But, the losses were trimmed after the sanguine economic data from the US.Copper continues to trade in a very small range and sustaining at current levels indicates consolidation. Copper faces stiff resistance at higher levels above 436 any up move in the commodity will open up 442 and higher levels in coming days. Copper has strong support below 428 levels any dip will retest 424 levels. The outlook remains positive and accumulation is seen at current levels.
No comments:
Post a Comment