MCX Copper February as seen in the weekly chart above has opened at 458.60 levels initially moved higher and as expected found resistance at 462 levels. Later prices fell sharply towards 451.90 levels, and finally closed lower from the previous weeks closing levels.
For the next week we expect Copper prices to find support in the range of 451 –450 levels. Trading consistently below 449 levels would lead towards the strong support at 446 levels and then finally towards the major support at 441 levels.
Resistance is now observed in the range of 461-462 levels. Trading consistently above 463 levels would lead towards the strong resistance at 467 levels, and then finally towards the Major resistance at 471 levels.
MCX / LME Copper Trading levels for the week
Trend: Down
S1 – 450.50/ $7120 R1 – 461.50/ $7235
S2 – 446.00/ $7060 R2 – 467.00/ $7300
Weekly Recommendation: Sell MCX Copper February between 460-462, SL-467.10, Target -451.