MCX Copper April as seen in the weekly chart above has opened at 404.10 levels and as expected during this week prices made a low of 391.80 levels. In the mid of the week prices has touched the high of 407.70 levels but could not able to breach the resistance of 410 levels and corrected from these levels. During this week prices corrected 0.79% lower and finally closed at 400.30 levels. We have also seen that price has made a new contract low of 391.80 levels.
For the next week we expect Copper prices to find support in the range of 391 – 388 levels. Trading consistently below 388 levels would lead towards the strong support at 382 levels and then finally towards the major support at 375 levels.
Resistance is now observed in the range of 408 - 410 levels. Trading consistently above 410 levels would lead towards the strong resistance at 418 levels, and then finally towards the Major resistance at 422 levels.
MCX / LME Copper Trading levels for the week
Trend: Down
S1 – 388 / $ 6,360 R1 – 410 / $ 6,720
S2 – 375 / $ 6,150 R2 – 422 / $ 6,920
Weekly Recommendation: Sell MCX Copper April between 408 - 410, SL- 422, Target - 390 / 385.