LME Copper buying opportunity at 4850-4900
02 June 2009 14:55:51
The three month forward prices on London Metals exchange advanced to $4827 levels after posting a low of $4480. Market closed the week firm at $4795 levels. Prices are finding bullish strength after moving out from the consolidation phase of the bullish triangle pattern.
The immediate resistance is seen at $4925 levels and breach of the same may confirm a move towards $5400-$5500 levels in the short term. The support of $4450 should keep the short term bull trend alive. We recommend taking long positions on dips as a weekly trading strategy.
Weekly Outlook: Copper is expected to trade firm this week. Buy Copper at 4850-4900 targeting 5400 with stop loss at 4490 levels.
aby copper rockets to 2009 high, page-2
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