MCX Copper opened sharply lower with a downward gap and selling pressure throughout the session By Axis Securities
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COPPER
MCX Copper opened sharply lower with a downward gap and selling pressure throughout the session. The chart pattern suggests that if Copper breaks and sustains below 662 level it would witness selling which would drag the price towards 655-650 levels. Important resistance for the day is placed at 670.
Zinc
MCX Zinc opened with a downward gap and remained volatile on either side. The hourly strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. Zinc continues to remain in a downtrend in the intraday, so selling on rallies continues to be our preferred strategy.
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