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Daily trading bites: Buy MCX Copper on dips around 456 levels -
Daily trading bites: Buy MCX Copper on dips around 456 levels
Way2wealth | Published: 24 Oct, 2017  | Source :

MCX COPPER NOVEMBER: After taking the support around previous high of 452 the copper prices reverted back ON Monday’s session and edged higher till 458 and settled almost near the day’s high. Ahead, prices are likely to retest the immediate high of 466 and surpass above that will extend till the further high of 472 levels. Therefore, we advise buying on dips around 456 levels with stop loss at 451. Action: Buy.

On Monday Zinc prices moved up slightly higher along with rising trend channel and ended at 207.80 mark. On the chart the candle stick formation is looking firm and thus we expect prices will continue to move higher along with the rising trend channel and advise buying on dips around 206.50 for upside targets of 212 than 216 levels. Action: Buy.

For last few sessions mentha oil November contract prices have been consolidating within the narrow rectangular range and on Monday it tumbled till the double top pattern support of 1249 and settled just above that. Ahead, if the prices penetrate the supports of 1249 then a correction can be seen till 1190 and lower. Thus, we recommend selling on break of 1249 for mentioned targets of 1210 levels for the day. Action: Sell

On the daily chart, Guar seed prices have been trading within the triangle pattern and in yesterday session it tumbled till the low of 3709 and ended at 3723 mark forming inverted doji candle stick pattern. According to the triangle pattern the support is at 3680 levels and ahead we expect guar seed prices are likely revert back from these levels. Hence, we recommend buying near the support of 3680 for upside targets of 3830. Action: Buy

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.