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Copper May Witness Up Trend Support At 394.80

Published 06/16/2014, 07:51 AM
Updated 05/14/2017, 06:45 AM



Looking at the daily chart for Copper, we notice the uptrend line drawn from the March 19th lows has definitely been broken as prices have plunged the past several sessions on the news of potential fraudulent loan backed by metals in China. Trading volume has increased as well of late, which could be a sign that large speculators and trend-following traders are adding to short positions. Now technically market getting support at 394.80 and below could see a test of 386.20 levels, and resistance is now likely to be seen at 407.40, a move above could see prices testing 415.80.

Latest comments

I find out mcx copper short term major resistance at 411 and support can be seen near 396 , daily closing below 396 we can see the level of 386 - 370 and daily closing above 411 we can see the level of 418 - 422 in near trading session. Thanks.-- Ayush Agarwal
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