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Copper In Uptrend, Resistance 468-469: Angel

ByCommodityOnline
Published 12/16/2013, 12:42 AM
Updated 05/14/2017, 06:45 AM

MCX Copper February as seen in the weekly chart below has opened at 445.70 levels initially moved marginally lower, but has found good support at 443.70 levels. Later prices rallied sharply breaking both the resistance levels towards 462.40 levels, and finally closed sharply higher from the previous weeks closing levels.
Copper
For the next week we expect Copper prices to find support in the range of 456 –455 levels. Trading consistently below 454 levels would lead towards the strong support at 449 levels and then finally towards the major support at 437 levels.

Resistance is now observed in the range of 468-469 levels. Trading consistently above 470 levels would lead towards the strong resistance at 474.60 levels, and then finally towards the Major resistance at 481.50 levels.

MCX / LME Copper Trading levels for the week

Trend: UP
S1 – 456.00/ $7200 R1 – 468.20/ $7310
S2 – 449.50/ $7130 R2 – 474.60/ $7380

Weekly Recommendation: Buy MCX Copper February between 456-455, SL-449, Target -468.

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