Sell Copper Around 647 SL Above 650 TGT 644/640 - Axis Securities
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SILVER
Silver opened on a flat note and witnessed extreme volatality on eitherside for most part of the session. Silver closed at 56350 with a gain of 47 points. The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. On the daily chart the It has formed a "Doji" candlestick formation indicating indecisiveness amongst market participants regarding the direction. Strong support zone in Silver is seen around 56000 level. We expect short covering in Silver as long as the mentioned support zone is intact on lower side.
BUY SILVER AROUND 56000 SL BELOW 55500 TGT 56500/56800
COPPER
Copper opened sharply lower with a downward gap and selling pressure throughout the session dragged it lower to close near the day's low. Copper closed at 640 with a loss of 8 points. The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. On the daily chart the It has formed a sizable bearish candle and has closed below previous session's low indicating negative bias. On Daily chart prices has broken and closed below the trading zone of 645 and 665 which is a bearish sign for prices. Near term trend has turned bearish for prices. Traders can sell Copper on rise around 647 for the target of 644 on intraday basis.
SELL COPPER AROUND 647 SL ABOVE 650 TGT 644/640
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