Buy Copper Around 832 SL Below 829 TGT 835/840 - Axis Securities
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SILVER
Silver opened on a positive note and extended buying momentum in the first half however we witnessed profit booking in the later half of the day. Silver closed at 69970 with a gain of 944 points. The daily strength indicator RSI is moving upwards and is above its reference line indicating positive bias. On the daily chart the It has formed a Small Bullish candle with upper shadow indicating selling pressure as well as resistance at higher levels. On hourly chart Silver is trading above 20 and 60 day EMA's indicating positive bias in near term. Silver continues to remain in an uptrend for the short term, so buying on dips continues to be our preferred strategy
BUY SILVER AROUND 69700 SL BELOW 69400 TGT 70000/70300
COPPER
Copper opened with an upward gap and remained in positive terrain throughout the day. Copper closed at 837 with a gain of 14 points. The daily strength indicator RSI has turned positive from the oversold territory and is above its reference line indicating positive bias. On the daily chart It has formed a bullish candle and has closed above its previous session's high representing positive bias ahead. On hourly chart Copper is trading above 60 day EMA's indicating positive bias in the short to medium term. Copper continues to remain in an uptrend for the short term, so buying on dips continues to be our preferred strategy
BUY COPPER AROUND 832 SL BELOW 829 TGT 835/840
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