Thursday, July 29, 2010

MCX COPPER TECHNICAL OUTLOOK

Date: 22 July 2010
MCX COPPER TECHNICAL OUTLOOK
TECHNICAL OVERVIEW:

MCX Copper prices have spiked up sharply in the last day closing up 2.57% from its previous day’s closing. Looking at the daily chart the counter has given bullish symmetrical triangular breakout by breaching a resistance of 317.00.We expect bull trend to follow in copper in the near term.

COPPER DAILY CHART:

Observations:

After a long consolidation between 316 and 291 for last 6 weeks, the counter has finally breached the 317 resistance and closed above 318. Prices are in positive momentum as long as holds above 308.00

• The RSI is trading above 59 and has potential to move up further. The breakout should occur with an expansion in volume, especially on upside breakouts.

• Last but not the least; Directional Index too has given positive cross over in +DI and -DI, indicating the positive momentum in the prices.

POSITIONAL CALL (2 TO 3 MONTHS): BUY COPPER MCX 319.50-321.50 ZONE FOR THE TARGET 1 340.00 & TARGET2 355.00 WITH SL OF 308, CMP 321.50

Report By: Pradeep Karnani
Research Analyst

Mobile: 09966028055

FOR PRIVATE CIRCULATION ONLY
DISCLAIMER: Stock & Commodity trading is a high-risk movement. The above recommendations are based on Technical Analysis. Any major fundamental news or market sentiment can make these levels irrelevant or unsuccessful. The targets and time frame for the same mentioned above are indicative and may vary depending upon the market situation. Receivers are urged to exercise their own judgment in trading. Any action you choose to take in the markets is totally your own responsibility. We (TRUE INFOTEC) will not be liable for any, direct or indirect, consequential or incidental damages or loss arising out of the use of this information. This information is neither an offer to sell nor solicitation to buy any of the commodities mentioned herein the writers may or may not be trading in the securities mentioned.

TRUE INFOTEC: 101, VICTORY SATYANARAYANA, OLD BOWNPALLI, HYDERABAD-500011
TEL: 040-40271150, 9966028055 EMAIL info@trueinfotec.in http://www.trueinfotec.in/

1 comment:

  1. hi, I like this report

    Regards
    Sarrabh

    ReplyDelete