Copper
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Last
week, we have seen vertical crash in Copper. Copper crashed vertically and
made a low of 350.25. We recommended selling below 361 mark and finally
settled with a weekly loss of 3.73% at 350.55 also closed below 21DEMA and
55DEMA which is at 352.50 and 352.05 respectively.
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As
expected, Copper slipped from the retracement level of 38.2%. Upper side still
seems limited in Copper and any sharp rise will be best selling opportunity in
it. Two consecutive closes below 349 will see panic till 343---338 and then to
330 mark. Further panic seen only close below 330 mark else it could test its
resistance level of 356 and then to 359---363 again.
Further upside rally seen
only weekly close above 363 mark. Overall trend looks weak and any sharp rise
will be selling opportunity in it. MACD and RSI too indicate negativity on
daily chart. So traders holding short in Copper can book part profit and on
rise sell it again around 355---356 with revise stop loss of 363 for the
initial target of 349 and then to 343---338.
Nickel
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Last
week, Nickel traded with negative bias. It unable to breach its resistance
level of 700 and slipped to 639 mark and finally settled with a weekly loss
of 6.45% at 640.60 also closed below 21DEMA and 55DEMA which is at 675.20 and
704.20 respectively.
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This
week, Nickel has support at 625---610 and resistance at 670---700. Two
consecutive closes above 655 will take to 670---700 mark. Further upside rally
seen only close above 700 mark else It could test its support level of
625---610 again.
Further panic seen only weekly close below 610 mark. Three
consecutive closes + weekly close below 610 will see free fall in Nickel. At
this stage, it looks choppy and has no clear direction. So traders can trade in
a range with levels only and wait for confirmation. Nimble traders can buy
Nickel in panic around 625 with stop loss of 610 for the initial target of 655.
