MCX Copper November as seen in the weekly chart above has opened at 455.50 levels initially moved higher, but has found good resistance at 459.40 levels. Later prices fell sharply towards 440.05 levels and finally closed sharply lower from the previous weeks closing levels.
For the this week we expect Copper prices to find Strong support in the range of 436 –434 levels. Trading consistently below 433 levels would trigger extended fall initially towards 429 levels and then finally towards the major support at 425 levels.
Resistance is now observed in the range of 449-451 levels. Trading consistently above 452 levels would lead towards the strong resistance at 457 levels, and then finally towards the Major resistance at 468 levels.
MCX, LME Copper Trading levels for the week
Trend: Sideways
S1 – 436.00/ $7150 R1 – 449.50/ $7340
S2 – 429.00/ $7050 R2 – 457.00/ $7430
Weekly Recommendation: Sell MCX Copper November between 449-450, SL-457.10, Target -436.
OR
Buy MCX Copper November between 436-434, SL-427, Target -449