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December 24, 2013 4:30 pm ISTVisit us at www.sharekhan.com
Punter’s Call
Copper has formed a multi-month channelised correction,
which in terms of the price pattern has taken the form of
a bullish flag pattern. In terms of the Fibonacci
retracement, the correction found support at the 61.8%
retracement mark. Recently the price has broken out from
Copper takes a bullish stance
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Copper
ri l M ay J u n e Ju ly Au g u s t S e p te m b e r O c to b e r N ove m b e r D e c e m b e r 2 0 1 4
2.9 0
2.9 5
3.0 0
3.0 5
3.1 0
3.1 5
3.2 0
3.2 5
3.3 0
3.3 5
3.4 0
3.4 5
3.5 0
3.5 5
3.6 0
3.6 5
0 .0%
23 .6 %
38 .2 %
50 .0 %
61 .8 %
100 .0%
3 . 2 1
3 . 3 8 8
3 . 5 5
HG C O PP ER CO NT IN U OU S 25 00 0 LB S [C O ME X] (3 .30 000 , 3.3 17 50 , 3.2 91 0 0, 3.30 80 0, + 0.0 12 5 0)
-5
0
5KST (2 .06 857 )
the bullish pattern. The short-term momentum indicators
have turned bullish. Thus, the red metal looks set for the
next leg on the upside, equality target for which is $3.55.
The intermediate target will be the high of $3.388. The
swing’s low of $3.21 will act as a strong support.
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Riveting Metals December 24, 2013 Home22
Medium Term Trend
Target Trend Reversal Support / Resistance
Gold Cash US $ 1295.00 1180.00 1180/1295
Silver Cash US $ 21.30 18.19 18.19/21.30
Crude US $ 104.50 96.00 96/104.50
Copper $ (comex) 3.550 3.210 3.21/3.55
Zinc MCX 131.00 120.00 120/131
Nickel MCX 920 860 860/920
Icon guide
Up Upswing maturesDownswing matures
Down Sideways
Short Term Trend
Target Trend Reversal Support/Resistance
Gold MCX 27000 29000 27000/29000
Silver MCX 41000 45850 41000/45850
Crude MCX 6300 6050 6050/6300
Copper MCX 471.00 452.00 452/471
Zinc MCX 131.00 125.00 125/131
Nickel MCX 900.00 870.00 870/900
Looking TrendyLooking Trendy
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