Technical Comment For The Day: Copper (12-Feb-2014)

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gsr-05MCX Copper closed at Rs 441.9 per kg with a possibility of slide looking active in the contract. The prices of February expiry contract maintained a trading zone of 3 Rs during the settlement on 11 February 2014. The intraday high for Copper was at Rs 444.25 per kg, while low was at Rs 441.25 per kg. Prospects of breaking Rs 440 on the lower side still look dull. The Bollinger band that has the lower band at Rs 438 per kg looks to be the consolidation zone for Copper. COMEX Copper traded at $ 3.22 per pound, when last checked, up 1 cents. With RSI and Stochastic stuck at 33 and %K 22 respectively, the likely hood of bounce in the metal looks strong.

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