Resistance is now observed in the range of 422 - 423 levels. Trading consistently above 423 levels would lead towards the strong resistance at 427 levels, and then finally towards the major resistance at 435 levels.
MCX Copper November as seen in the weekly chart above has opened at 411.60 levels and this week price have made a low of 411 levels and moved sharply higher making weekly high of 422.55 but could not sustain on higher levels and corrected back lower and finally closed 0.58% marginally lower at 414.70 levels. As per the candlestick pattern it formed a “Bullish Candlestick” indicating positive strength.
For the next week we expect Copper prices to find support in the range of 409 – 410 levels. Trading consistently below 409 levels would lead towards the strong support at 404 levels and then finally towards the major support at 398 levels.
Resistance is now observed in the range of 422 - 423 levels. Trading consistently above 423 levels would lead towards the strong resistance at 427 levels, and then finally towards the major resistance at 435 levels.
MCX / LME Copper Trading levels for the week
Trend: Up
S1 – 409 / $ 6,670 R1 – 423 / $ 6,900
S2 – 404 / $ 6,590 R2 – 427 / $ 6,970
Weekly Recommendation: Buy MCX Copper November between 409 – 410, SL- 404, Target – 422 / 423