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MCX, LME Copper May Trade Sideways This Week:Angel

ByCommodityOnline
Published 10/21/2013, 07:44 AM
Updated 05/14/2017, 06:45 AM

MCX Copper November as seen in the weekly chart above has opened at 446 levels initially moved sharply higher, breaking both the resistances, but has found good resistance at 459.80 levels.
Copper
Later prices fell sharply towards 446.20 levels and finally closed marginally higher from the previous weeks closing levels.

For the next week we expect Copper prices to find Strong support in the range of 442.50 –441 levels. Trading consistently below 440 levels would lead towards the strong support at 436 levels and then finally towards the major support at 426 levels.

Resistance is now observed in the range of 451-452 levels. Trading consistently above 453 levels would lead towards the strong resistance at 458 levels, and then finally towards the Major resistance at 466 levels.

MCX / LME Copper Trading levels for the week

Trend: Sideways

S1 – 442.50/ $7150 R1 – 451.50/ $7340

S2 – 435.80/ $7050 R2 – 457.50/ $7430

Weekly Recommendation: Sell MCX Copper November between 457-459, SL-463.10, Target -443.

OR

Buy MCX Copper November between 443-441, SL-433, Target -451

Source: Angel Commodities

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