Sell Copper Around 720 SL Above 723 TGT 717/714 - Axis Securities
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COPPER
Yesterday's trading session saw Copper prices experiencing a significant decline, with a drop of almost 2 percent observed after breaking through a critical support zone situated at the 725 level. The intraday settlement was around 715, as indicated by the formation of a large red candle that closed below the previous session low, which is a bearish signal for prices. Currently, the near-term outlook for Copper prices appears pessimistic as they continue to trade below the 20 and 60-day Exponential Moving Averages (EMA). Therefore, it is advisable for traders to adopt a "sell on rallies" strategy for Copper on an intraday basis.
SELL COPPER AROUND 720 SL ABOVE 723 TGT 717/714
GOLD
In the latest session, gold prices experienced a notable decline, with a decrease of over 1 percent, settling around the 60220 level. Notably, on the daily chart, a significant red candle has formed, indicating a bearish sentiment as prices closed below the previous session low. Additionally, gold prices have also closed below both the 20-day and 60-day Exponential Moving Averages (EMA), further reinforcing the negative outlook. Moreover, the Relative Strength Index (RSI) is below its reference line, suggesting strong downward momentum.Rallies in Gold may be used as an selling opportunities for intraday basis.
SELL GOLD AROUND 60600 SL ABOVE 60700 TGT 60500/60400
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