MCX Copper February as seen in the weekly chart above has opened at 467.60 levels initially made a high of 467.90 and then fell sharply lower breaking both the support levels towards 453.60. Later prices recovered towards 459 levels, and finally closed sharply lower from the previous weeks closing levels.
For the next week we expect Copper prices to find support in the range of 452 –451 levels. Trading consistently below 450 levels would lead towards the strong support at 445 levels and then finally towards the major support at 440 levels.
Resistance is now observed in the range of 465-466 levels. Trading consistently above 467 levels would lead towards the strong resistance at 474 levels, and then finally towards the Major resistance at 481 levels.
MCX / LME Copper Trading levels for the week
Trend: Down
S1 – 451.50/ $7240 R1 – 465.50/ $7390
S2 – 445.00/ $7130 R2 – 474.00/ $7470
Weekly Recommendation: SELL MCX Copper February between 462-463, SL-468.20, Target -452.