Copper hovers near strong support levels

Copper price gave a gap down opening in Wednesday’s session and is currently trading near the intermediate support level of 460.

May 16, 2018 12:05 IST India Infoline News Service

Copper price gave a gap down opening in Wednesday’s session and is currently trading near the intermediate support levels of 460. On the hourly chart, RSI is below 60-levels and prices are currently trading below their nine-day-EMA, which is a negative for prices.

Selling is recommended if prices give an hourly close below 460-level. We expect the price to drift further towards 456-levels if it sustains below-460 levels.

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