Copper -Book profit in buy call at 239 CMP 269.5

Trader can book profit in range of 269-271 and wait for another buying opportunity at 254-252 range. wait for next report.


regards

Kamlesh Jogi



Report on 30 June 2009

http://commoditytalkonline.blogspot.com/2009/06/copper-short-term-outlook.html

Copper - Short Term outlook
MCX Copper Aug contract have shown lot of volatility while trading in range of 213 -257 in short duration of 1.5 month.

Technically opportunity can be seen for buying on dips where market have given 61.8% retracement from high of 257 to low of 213.Another opportunity arise if market breaks 229.9 levels where 61.8% retracement holds.



In weekly chart we can see a strong bullish rally where strong support comes around 229 ranges and resistance comes around 280 ranges. Weekly 13 days RSI still suggest a buying potential at 59.32 levels while MACD is holding in positive territory with increase in bullishness. Both indicators suggest a positional buying level on dips. Can be seen from chart given below:



Recommendation:


Positional - MCX Copper August: Buy at 242-238 range Target 280 & 304 SL 229

Or Sell below 229 Target 202 & 180 SL 244

Commodity Transation Tax has been removed . Details are awaited.

Commodity Transation Tax has been removed . Details are awaited.