Copper futures on a slope, rally may continue at down side

AHMEDABAD (Commodity Online): MCX Copper April contract yesterday traded with the negative node and settled -2.62% down at 421.9 tracking shanghai copper which closed lower on Monday, tracking losses in U.S. futures, which dropped as much as 1.3 percent, ahead of possibly weak economic data from the United States and Britain this week.
Market players are now unwilling to buy or sell US dollars before the interest rate meeting on Thursday, sending the US dollar index lower slightly. For today's session market is looking to take support at 415.5, a break below could see a test of 409.2 and where as resistance is now likely to be seen at 430.4, a move above could see prices testing 438.9.
Intraday traders can sell MCX Copper April contract near 423 with the stop loss of 428 and can wait for the targets of 418 and 415, said by Tarang Parmar Research Analyst with Commodity Online.

(Source: http://www.commodityonline.com/marketmovers/Copper-futures-on-a-slope-rally-may-continue-at-down-side-2011-04-26-3452-3-1.html)