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Wednesday, February 4, 2009

UPDATES

TECHNICALS FOR NYMEX TRADING FEB4

MCX FEB COPPER

SHORT TERM ; SIDEWAYS

LONG TERM ; BEARISH

SUPPORTS ; 163, 160, 156.50

RESISTANCES ; 167.70, 170, 173

STAY LONG AT SUPPORTS

10 comments:

robin said...

i have shot copper at 163.wat will i do,i can wait for a week.will i b through

akshaya said...

ATTENTION MR ROBIN
Copper has resistance at Rs 168
and Rs 170.
It has strong support at Rs 163.
Only if it breaks support will it come down further.
Now our buy call for copper is running for target Rs 170 and stop loss of Rs 163.
AKSHAYA

robin said...

sir i mean to say will it come down after say week or it has touched its low.can v see copper in 155 once again or i will cover my position in loss.

akshaya said...

robin, we see a short term recovery only, and will boost buying once and if it cuts 174 levels.
akshaya

Anurag said...

Can I Short Copper At 170 Level

Cmp (168.10)

akshaya said...

ATTENTION MR ANURAG

It is better not to short copper. There seems to be only a positive bias.
Copper has a major resistance Rs 174 and if it breaks that it could even test Rs 194.
Wait for confirmation to sell.
AKSHAYA

Vijay said...

Can i go 4 buy 166.3 in copper

akshaya said...

ATTENTION MR VIJAY
It is better to remain long in copper.
The immediate resistance is at Rs 168.60 { yesterday's high ) and then at Rs 170 .
Support is at Rs 163.
AKSHAYA.

Vijay said...

Can i go long in todays market as lme closes low?

akshaya said...

VIJAY, HOLD LONGS WITH STOPS RS. 163 AND TARGET RS. 168.50 AND 170.
AKSHAYA