MCX Copper slipped after recent gains and fell sharply in last session. The counter turned lower after testing upper Bollinger Band on 4 hourly charts and tested lows near Rs 810 per kg – exactly around 50 SMA on same charts. A good support is placed around Rs 808 per kg – 20 day SMA.
MCX Crude oil eased after hitting Rs 8858 per barrel and extended losses after breaking under 20 hour SMA to test Rs 8540 per barrel. The contract ended around Rs 8670 per barrel and further uptick is possible only above Rs 8730 now. A confluence of supports are emerging around Rs 8460 mark on the downside.
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