Copper prices to find support in the range of 415 – 417 levels. Trading consistently below 415 levels would lead towards the strong support at 411 levels and then finally towards the major support at 407 levels.
MCX Copper August as seen in the weekly chart above has opened with gap up at 418.90 levels and the same time the open and low levels were the same. In this week as expected prices rallied sharply towards the weekly high of 427.10 following with breached previous week’s high (418.70 levels) and trading above it. During this week prices have closed 1.35% higher at 423.75 levels. Technically, as per the candlestick pattern prices have formed “Bullish candlestick pattern” indicating strength.
For the next week we expect Copper prices to find support in the range of 415 – 417 levels. Trading consistently below 415 levels would lead towards the strong support at 411 levels and then finally towards the major support at 407 levels.
Resistance is now observed in the range of 430 - 431 levels. Trading consistently above 431 levels would lead towards the strong resistance at 437 levels, and then finally towards the major resistance at 444 levels.
MCX / LME Copper Trading levels for the week
Trend: Up
S1 – 415 / $ 6,700 R1 – 431 / $ 7,100
S2 – 407 / $ 6,590 R2 – 437 / $ 7,300
Weekly Recommendation: Buy MCX Copper Aug between 415 – 417, SL- 407, Target – 430 / 432