MCX Copper February as seen in the weekly chart above has opened at 445.95 levels initially moved higher, but has found good resistance at 447.85 levels. Later prices fell sharply towards 441.25 levels, but could not sustain recovered sharply towards 447.50 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 442 –441 levels. Trading consistently below 440 levels would lead towards the strong support at 437 levels and then finally towards the major support at 426 levels.
Resistance is now observed in the range of 448-450 levels. Trading consistently above 452 levels would lead towards the strong resistance at 460 levels, and then finally towards the Major resistance at 470 levels.
MCX / LME Copper Trading levels for the week
Trend: Sideways
S1 – 442.00/ $7090 R1 – 448.60/ $7190
S2 – 437.00/ $7030 R2 – 460.00/ $7230
Weekly Recommendation: Neutral