Copper prices to find support in the range of 404 – 403 levels. Trading consistently below 403 levels would lead towards the strong support at 398 - 396 levels and then finally towards the major support at 393 levels.
MCX Copper Nov. as seen in the weekly chart above has opened the week with gap down at 415 levels and on the same day it made a high of 417.25 levels. During this week as expected it corrected sharply and made a new contract low of 403.10 levels. In the mid of the week prices could not able to sustain on support zone of 404 – 403 levels and bounce back from lower levels towards 415.80 levels. In this week prices closed below the previous week’s closing of 414.70 levels and finally closed 0.40% lower at 413.05 levels.
For the next week we expect Copper prices to find support in the range of 404 – 403 levels. Trading consistently below 403 levels would lead towards the strong support at 398 - 396 levels and then finally towards the major support at 393 levels.
Resistance is now observed in the range of 420 - 421 levels. Trading consistently above 421 levels would lead towards the strong resistance at 427 levels, and then finally towards the major resistance at 433 levels.
MCX / LME Copper Trading levels for the week
Trend: Sideways Down
S1 – 404 / $ 6,620 R1 – 420 / $ 6,880
S2 – 398 / $ 6,520 R2 – 427 / $ 7,000
Weekly Recommendation: Sell MCX Copper November between 420 – 421, SL- 427, Target – 404 / 402