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Technical Comment For The Day: Copper

Capital Market/ 09:14 , Jan 21, 2014

A skewed trading range in the intraday charts is being witnessed in Copper. The prices of Copper ended at Rs 456.45, down 0.48%. The prices are trading in a range of Rs 460-458 per kg. Although intraday charts has not dictated a clearer picture for Copper it is the weekly charts that suggest that some selling pressure can be seen in the metal in coming days. The weekly charts are showing a clear respect to Rs 459-460 per kg. Support for the contract is at Rs 452 per kg. The Fibonacci retracement level is set at Rs 457 per kg. Simple Moving Average of Copper was at Rs 454 per kg.

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