March 21, 2011

MCX Copper For March 21

The commodity contract prices for Copper future witnessed a upside rally by reversing the previous trend. The commodity copper at MCX after making a high of 427.8 it started Lowering and settled at 421.30 levels. 

Commodity trading below the daily moving averages (8, 21 & 34) suggests downside potential. However, RSI (14) daily ended at 0.33 levels and showing a recovery from oversold zone. Only a sustained trade above 425 levels may lead the prices to rise further.

The commodity copper prices at LME are trading at 9236 and trading flat. Commodity market is witnessing a resistance at 9300 levels, which would be a crucial level to watch for. In commodity sideways movements are expected at the time of commodity trade. 

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