LME base metals bore the brunt of the broad based selling in the commodity complex. However, the downside in Copper was limited, underpinned by monetary injection by ECB and better GDP numbers on US front. On MCX front , Copper is in HOLD LONG position In short term Copper is in strong up trend so hold with stop at 418 The Copper is now trading in highly overbought level. The oscillator is showing SELL signal.
MCX Copper Support and Resistance :- Technically MCX copper has following support and resistance levels S3- 415.25 S2- 419 S1-422.25 R1- 428.75 R2- 432.25 R3- 436
NCDEX KAPAS TREND
As on Wednesday 29th February 2012 KAPAS1 closed @ 818.40 and we RECOMMEND Buy for LONG-TERM with STOPLOSS of 763.73 and Strong Sell for SHORT-TERM with STOPLOSS of 882.71 and we also expect COMMODITY to react on Following IMPORTANT LEVELS Today :-