For the next week we expect Copper prices to find support in the range of 427 – 429 levels. Trading consistently below 427 levels would lead towards the strong support at 421 levels and then finally towards the major support at 414 levels.
MCX Copper August as seen in the weekly chart above has opened at 433.60 levels and in the starting of the week price have made a high of 433.15 levels but could not able to sustain on higher levels and corrected lower towards 430.50 levels. In the end of the week as expected prices took support at 429 – 430 levels and bounced back from these levels and finally closed 0.33% higher at 436.55 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 427 – 429 levels. Trading consistently below 427 levels would lead towards the strong support at 421 levels and then finally towards the major support at 414 levels.
Resistance is now observed in the range of 442 - 444 levels. Trading consistently above 444 levels would lead towards the strong resistance at 450 levels, and then finally towards the major resistance at 457 levels.
MCX / LME Copper Trading levels for the week
Trend: Up
S1 – 427 / $ 7,110 R1 – 444 / $ 7,400
S2 – 421 / $ 7,000 R2 – 450 / $ 7,500
Weekly Recommendation: Buy MCX Copper Aug between 427 – 429, SL- 421, Target – 444 / 448