COMEX Copper futures continues to face selling pressure around five week highs as the daily charts showed a heavy resistance coming in at upper Bollinger Bands. The counter currently trades at Rs 663 per kg mark. A critical upside level is placed around Rs 680 mark in the form of 50 day exponential moving average. The overall trend remains mixed as RSI 14 is placed at a neutral mark of 55. The counter is likely to trade in a range of Rs 680-640 in near term and a break under the previous weeks closing level of Rs 655.85 could trigger a flood of fresh shorts.Powered by Commodity Insights
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