Technical Report for the day: Copper

COPPERCopper is still in a cliff hanger situation. The prices managed to close above Rs 441 per kg on Monday, which is an important and long term support level for Copper.

 

MCX Copper settled at Rs 445.8 per kg. Although Copper managed to retain support levels it is not expected to show a sharp spike as Rs 451 has become a strong Resistance level.

 

It has also been noted that the prices of Copper is descending triangle continuation pattern, which is bearish for the metal. A decline of Copper below Rs 441 can see correction upto a magnitude of 5-6 per cent.

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