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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)