Commodity Bets: Experts bullish on crude, copper & gold
Here is a look at top commodity calls for today.
April 02, 2012 / 02:57 PM IST
Sumeet Bagadia advises to maintain a bullish view on crude as he expects price targets to touch Rs 5610 levels. "Corrections till Rs 5,480-5,450 of crude would be a very good buy with a stop loss to be placed below Rs 5,400 levels," he said adding that Rs 5,550-5,610 levels can be seen in the next 2-3 days.
Ashish Shah feels that copper has the potential to rally to around Rs 442-445 on intraday or slightly positional basis. "We suggest traders to go long on this commodity with a protective stop loss below Rs 434 for a target price of Rs 442-445," he says.
Shreekant Jha says that gold has broken the Rs 28,300 levels that he was waiting for such a long time and is gaining momentum on the upside. "We would actually suggest now reversing the position as we have mentioned earlier to actually sell into it. But having broken this resistance we now suggest that you buy into gold at Rs 28,300 levels and for a target of Rs 28,550. Gold has now reversed in this momentum so it looks like this is the right time to get into it'" he suggests
Dipen Shah feels that crude oil has been stagnating for the last two trading sessions after giving a good technical breakout last week on Friday. "Any dips on crude oil MCX prices could be bought into at levels of Rs 5,485 with a stop loss of Rs 5,415 for a target of Rs 5,680-5,700," he recommends.
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