Sell Copper Below 733 SL Above 737 728/722 - Axis Securities Ltd
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Crudeoil
MCX Silver opened sharply lower with a downward gap and selling pressure throughout the session dragged it to trade near the day's low. The chart pattern suggests that if Silver breaks and sustains below 72100 level it would witness selling 74500 which would drag the price towards 71600-71000 levels. Important resistance for the day is placed at 72800.
SELL SILVER BELOW 72100 SL ABOVE 72600 TGT 71600/71000
Natural Gas
MCX Copper opened on a flat note and remained in a small range throughout the day. The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. Copper continues to remain in a downtrend in the short to medium term, so selling on rallies continues to be our preferred strategy.
SELL COPPER BELOW 733 SL ABOVE 737 728/722
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