Copper prices to find support in the range of 417 – 415 levels. Trading consistently below 415 levels would lead towards the strong support at 411 - 410 levels and then finally towards the major support at 406 levels.
MCX Copper Nov. as seen in the weekly chart above has opened at 426.95 levels and the same day it made a high of 432.70 levels. As expected during this week prices could not able to sustain on the higher levels and sharply corrected towards the weekly low of 417.70 levels. At the end of the week prices bounced back from the lower levels towards 424.25 levels and finally closed 0.77% lower at 424.05 levels. Technically, as per the candlestick pattern prices have formed “Bearish candlestick” indicating weakness in the prices.
For the next week we expect Copper prices to find support in the range of 417 – 415 levels. Trading consistently below 415 levels would lead towards the strong support at 411 - 410 levels and then finally towards the major support at 406 levels.
Resistance is now observed in the range of 427 - 428 levels. Trading consistently above 428 levels would lead towards the strong resistance at 434 levels, and then finally towards the major resistance at 440 levels.
MCX / LME Copper Trading levels for the week
Trend: Sideways Down
S1 – 417 / $ 6,830 R1 – 427 / $ 7,000
S2 – 410 / $ 6,720 R2 – 434 / $ 7,120
Weekly Recommendation: Sell MCX Copper November between 427 – 428, SL- 434, Target – 415 / 410