Tech charts show bearish trend for Copper, sideways for Oil; details here

Brent crude strategy: Brent oil prices are expected to range between $75 to $90 per barrel,

Copper Outlook

Copper prices dipped for the second day due to mixed signals from China. Despite some boosts in real estate shares, high copper costs dampened purchasing activity among Chinese buyers. This, coupled with a stronger dollar, led to a drop in copper prices to $9,861 a tonne.
 

Copper technical outlook
Daily charts show a double top pattern, signaling potential bearish trends. The RSI in overbought territory and forming lower highs and lows support this. Resistance at Rs 860 and Rs 876, support at Rs 843 and Rs 830.
 

Copper Intraday Strategy: Sell MCX MAY COPPER at Rs 854, SL at Rs 860, TP at Rs 843.

Crude Oil Outlook

Goldman Sachs predicts OPEC+ to prolong production cuts due to rising global oil inventories and Saudi Arabia's profit strategy.

Brent oil prices are expected to range between $75 to $90 per barrel, averaging $82 in 2025. Currently priced at $83.82.
 

Oil technical outlook: Daily chart shows a hammer candlestick, hinting at bullish momentum. A breakout above Rs 6,640 confirms this. Resistance at Rs 6,740 and Rs 6950, and support at Rs 6,580 and Rs 6,430.
 

Oil Intraday Strategy: Buy MCX MAY CRUDEOIL at Rs 6,660, SL at Rs 6,580, TP at Rs 6,740.

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Disclaimer: Neha Qureshi is a senior manager, technical research analyst of commodities & currency at Anand Rathi. Views expressed are her own