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Monday, March 17, 2014
Copper extend s its weakness but some how managed to close
above 401 levels last three sessions prices have given a breakdown but all the
sessions prices managed to close above 401 levels, even in Fibonacci
retracements 401 levels is nothing but 161.8% levels which is strong support
levels based on this we expect prices may bounce from current levels to test
its immediate resistance levels say 407 then 412 and 415 levels, overall
scenario for the commodity is still in the hand of bears there is no second
thought in that but still prices have taken supports at 401 levels to test
resistance in the first half of the session and we expect selling In second
half of the session.
Weekly call :
Buy Copper between 402 to 404 with stops below 396 for
targets 412 and 415( maintain strict
stops because if prices closes below 400 then we expect further correction up
to 386 levels)