Copper futures ready for northward journey

AHMEDABAD (Commodity Online): MCX Copper April contract ended the week down on rising oil prices and rising violence in North Africa eclipsed the initial euphoria from upbeat U.S. employment data.
MCX Copper April contract has touched a record high of 466.20 last month and suffers profit booking at higher levels Copper futures has touched a low of Rs 423.55 after opened at Rs 452.50.
For today’s session MCX Copper is looking for the support at 448.3, a break below could see a test of 446.40 and where as resistance is now likely to be seen at 453.8, a move above could see prices testing 455.4.
Short term traders can buy MCX Copper April contract near 448 levels with the stop loss of 437 and can wait for the targets of 459 and 467.
Copper futures trading range is 446.3-456.4.

(Source: http://www.commodityonline.com/marketmovers/Copper-futures-ready-for-northward-journey-2011-03-07-3183-3-1.html)