MCX Copper: Struggling At 410-413 Levels
CommodityOnline | May 30, 2013 08:53AM ET
Copper prices at MCX are witnessing a range bound trading around 405-411 levels. Volatility is low at high volumes and subdued demand. It is now trading around 405-412 levels for the week.
Copper for June is following a rising flag pattern after the rocket run from 373 levels on 3rd May. The range bound formula around 405-412 levels continues as selling at short position impacts.
The commodity may sustain its position around 410-412 levels or else it may decline below 398 levels. If it breaches this position, it could rise to 420 levels. The commodity will face another resistance at these levels.
On charts, Copper is showing a recovery phenomenon. MACD is neutral and P-ROC (Rate of Change) is positive. RSI is positive at 57.40 levels.
The medium term trend indicates that silver may breach 414 levels on positive fundamentals. But it will fail to sustain this position.
The commodity still appears at the lower Bollinger levels; Stochastic is at medium levels and is edging higher, since investors should take sell position on rise.
MCX Copper June Short Term: Sideways Up
Support: 402, 389
Resistance: 414, 420
Turn around levels: 398-414-420
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