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MTECHTIPS:-Technical Comment for the Day: Copper

MTECHTIPS:-Technical Comment for the Day: Copper

Copper prices gained on the session ending Thursday. Copper ended the day at Rs 365 on 10 September 2015 against 363.3 per kg on 9 Sep 2015. Prices have gained sharply in last few days and have reached a round bottom formation preparing for breakouts. Gains above Rs 364 on a closing basis can spark further fuel to the existing rally. On Friday trading gains are expected to get resisted at Rs 366 and 369 per kg. Floor for Copper is at Rs 360 and Rs 357 per kg. The high for Copper on Friday was at Rs 368 per kg, and a low of Rs 362.10 per kg was tested. Open interest was at 12918 on 10 September 2015.
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