Copper price indicates positive momentum, crude price rebounds

Here are the top two commodities to watch out for the evening.

Oct 17, 2019 10:10 IST India Infoline News Service

Here is our daily evening Commodity view for top tradable commodities. 

Copper
Copper price has taken support of its horizontal trend line at 436.30 levels on the hourly chart. Copper price is trading above its Parabolic SAR on the hourly time frame, which indicates positive momentum in the price. Support is seen at 436/434, whereas resistance is seen at 442.50/444.50. We have a bullish view on Copper.

Crude Oil
Crude Oil price has taken support of its rising trend line at 3755 levels on the hourly chart. Momentum indicator RSI has moved above 40 levels on the hourly chart, which suggests rebound in the price. Resistance is seen at 3835/3870, whereas support is seen at 3735/3700. We have a bullish view on Crude Oil.

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