NCDEX Chana November: Buy on a break of 5020 for upside targets of 5150 |


Technical Outlook

On  Thursday,  copper  prices  remained  volatile  and traded in  the  broad  range  of  445.50 – 452.  On  the daily chart the key trend line support is at 442 as long as  it  holds  above  that  the  bullish  potential  remains intact  and  thus  we  recommend  buying  on  corrections around 446 levels with stop loss at 442 levels.


Technical Outlook

After  falling  down  till  the  contract  low  of  4772,  chana November contract prices have been reverting back from  the  lows  and  on  Thursday  it  moved  up  2.20%  and  ended at 4967. The immediate trend line resistance is at 5020, surpass  above  that  will  shift  the  commodity  to  positive. Therefore, we recommend buying on a break of 5020 for upside targets of 5150 then 5220.

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