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Copper Feb In Sideways Trend, Resistance At 462-463

ByCommodityOnline
Published 01/20/2014, 05:03 AM
Copper
MCX Copper February as seen in the weekly chart above has opened at 458.25 levels initially moved lower and as expected found support at 452.30 levels. Later prices rallied sharply towards 460.75 levels, and finally closed marginally higher from the previous weeks closing levels.

For the next week we expect Copper prices to find support in the range of 454 –453 levels. Trading consistently below 452 levels would lead towards the strong support at 448 levels and then finally towards the major support at 444 levels.

Resistance is now observed in the range of 462-463 levels. Trading consistently above 464 levels would lead towards the strong resistance at 466 levels, and then finally towards the Major resistance at 474 levels.

MCX / LME Copper Trading levels for the week

Trend: Sideways

S1 – 453.70/ $7260 R1 – 462.20/ $7380

S2 – 449.70/ $7195 R2 – 465.70/ $7440

Weekly Recommendation: Buy MCX Copper February between 454-453, SL-448, Target -462.

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