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Technical Comment for the Day: Copper

Technical Comment for the Day: Copper

April 18, 2016 9:37 IST | capital market

Copper lost in the trading session ending Friday on the back of renewed selling pressure near to levels of Rs 320 per kg. Copper is still vulnerable till it breaches the levels of Rs 320 per kg on the upside but potential to reach there cannot be denied. The metal closed at Rs 317.20 per kg on 15 April 2016 down from Rs 320.10 per kg on 14 April 2016. The prices tested levels of Rs 318.50 per kg as highs and Rs 314.85 per kg as a low. On the lower side a feeble support is emerging at Rs 313 per kg, if that is taken out it will be a free fall for Copper with price targets of Rs 310 and 308 per kg. On higher side, a strong resistance zone is built at Rs 320 and 322 per kg.

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