MCX Copper April as seen in the weekly chart above has opened at 449.50 levels and during this week the open and high level was same. We have observed that during this week prices fell sharply towards 439.10 levels which is also this contract’s low level.
For the next week we expect Copper prices to find support in the range of 432 – 430 levels. Trading consistently below 430 levels would lead towards the strong support at 422 levels and then finally towards the major support at 414 levels.
Resistance is now observed in the range of 451-452 levels. Trading consistently above 452 levels would lead towards the strong resistance at 467 levels, and then finally towards the Major resistance at 471 levels.
MCX / LME Copper Trading levels for the week
Trend: Sideways - Down
S1 – 430 / $ 6940 R1 – 451 / $ 7270
S2 – 422 / $ 6800 R2 – 460 / $ 7420
Weekly Recommendation: Sell MCX Copper April between 443 - 445, SL- 452, Target - 432 / 430.