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MCX Nov copper bearish, support 304.50-303 levels |
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Last week, Copper prices opened the week at 311.85 initially made a high of 315.40 then fell sharply lower, but found good support at 305.10 levels. Later prices recovered towards 314.30 but could not sustain fell back lower and finally ended the week with a loss of Rs 3.60 to close at 307.90.
TREND: BEARISH
TRADING LEVELS:
This week market is expected to find good support at 304.50- 303 levels. And strong support is seen at 296- 294 levels.
Trading below 294 would lead to lower prices initially towards 291 then 285.0 and then finally towards 279.0 levels.
Resistance is observed in the range of 310.0-312.0 and strong resistance is seen at 314.0-316.
Trading above 316.0 would lead to higher prices initially towards 319.0 then 324 and then finally towards the major resistance at 332.0.
Recommendation: Sell in the range of 309.50-311.0 with strict stop-loss above 316.0 Targeting 298 then 294 levels.
Courtesy: Angel Commodities
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