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Copper In Sideways trend, Buying Recommended: Angel

ByCommodityOnline
Published 06/02/2014, 06:04 AM
Updated 05/14/2017, 06:45 AM



MCX Copper June as seen in the weekly chart above has opened at 411.60 levels and as expected during this week prices made a high of 418.80 levels. We observed that prices could not able to sustain on higher levels and corrected back towards the low of 409.70 levels. During this week prices have closed below previous week’s closing of 410.85 levels and finally closed 0.01% lower at 410.80 levels. Broadly from last couple of weeks prices have been trading between the support and resistance levels which is basically shows the range bound trend.

For the next week we expect Copper prices to find support in the range of 405 – 404 levels. Trading consistently below 404 levels would lead towards the strong support at 398 levels and then finally towards the major support at 392 levels.

Resistance is now observed in the range of 418 - 420 levels. Trading consistently above 420 levels would lead towards the strong resistance at 427 levels, and then finally towards the major resistance at 434 levels.

MCX / LME Copper Trading levels for the week
Trend: Sideways
S1 – 404 / $ 6,960 R1 – 418 / $ 7,200
S2 – 398 / $ 6,860 R2 – 427 / $ 7,360

Weekly Recommendation: Buy MCX Copper June between 404 – 405, SL- 398, Target – 418 / 420

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