It hasn't been a good day so far for
base metals where all the key commodities are trading lower on multi
commodity exchange of India. MCX copper remained in a range today
and hovering around 425 level. Technical support levels for copper
are 422 followed by 418. To break come out of this sluggish mode,
copper is required to breach 427 level at initial level which would
initiate fresh buying in copper while below 418 we can expect some
downside till 416-414 level.
The same range bound trading can be seen
in Zinc metal also. As long as prices stays above 103 level, zinc
will have the potential of getting bearish trend. The MACD is also
in buy mode and its trading close to the short term average. Buying
around 103 for short term with the targets of 105-107 may be a good
short term pick. While below 102.50 selling is advised.
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