Wednesday, May 2, 2012

Copper Updates: MCX Commodity Market News

Copper prices witnessed a sharp recovery in last couple of weeks, after rebounding from dips to support line (as marked in the chart above). On the Indicators: 14‐week RSI is currently trading above 50 & also above its moving average while the momentum indicator MACD & its deviation line have moved above zero and with increasing positive difference between the two (both indicators are shoeing pick‐up in bullish momentum). On Moving Averages: Prices are trading above their 10‐week SMA & 20‐ week SMA, with the short‐term SMA trading well above the long‐term SMA and also the 50‐day SMA line is trading well above 100‐day SMA line, adding further support to our positive view. For the near‐term, prices are expected to test levels of 460‐466 & above 467 (closing basis) up till 480‐500 levels on the higher side, with immediate support at 439 and next only at 419. (Buying is advised on dips, with stop below given supports).

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Posted By Commodity MCX Tips