MCX Copper February as seen in the weekly chart above has opened at 447 levels initially moved higher and as expected found resistance at 454 levels. Later prices fell sharply towards 446.80 levels, and finally closed above from the previous weeks closing levels.
For the next week we expect Copper prices to find support in the range of 444 – 443 levels. Trading consistently below 443 levels would lead towards the strong support at 437 levels and then finally towards the major support at 431 levels.
Resistance is now observed in the range of 461-462 levels. Trading consistently above 463 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 Up
S1 – 443/ $7145 R1 – 462/ $7450
S2 – 437/ $7040 R2 – 467/ $7530
Weekly Recommendation: Buy MCX Copper February between 443 - 444, SL- 437, Target -455 / 560.