MCX Copper November as seen in the weekly chart below has opened at 467.40 levels initially moved higher, but has found good resistance at 471.40 levels.
Later prices fell sharply breaking both the supports towards 447.90 levels and finally closed sharply lower from the previous weeks closing levels.
For the week we expect Copper prices to find support in the range of 445 - 444 levels. Trading consistently below 443 levels would lead towards the strong support at 434 levels and then finally towards the major support at 426 levels.
Resistance is now observed in the range of 465-467 levels. Trading consistently above 468 levels would lead towards the strong resistance at 481 levels, and then finally towards the Major resistance at 492 levels.
MCX / LME Copper Trading levels for the week
Trend: Sideways
S1 – 444.50/ $7150 R1 – 465.50/ $7340
S2 – 434.00/ $7050 R2 – 481.00/ $7430
Weekly Recommendation: Sell MCX Copper November between 458-460, SL-469, Target -445/441
Source: Angel Commodities