Copper MCX fell down to Rs392.60 levels in the first half of the last week. This is short term support as well as previous week's low. Subsequently it could not sustain at lower levels, seeing a sharp rally again until Rs 406.80 and closed at Rs 406 with the weekly drop of Rs 5.20 or 1.27%.Trend remains sideways to up for this week too, as per the weekly chart prices have made an upside breakout of the falling channel which infers short term trend to remain bullish.
Prices are witnessing crucial trend line support at 392.50 levels, and are currently trading well above these levels. On sustained trade above, it is likely to remain higher. Any dip could be a buying opportunity for short term.
We recommend buying in copper for this week too, around Rs 400.00 for an upside target of Rs 415 then Rs 419. Any slide below Rs 390.00 levels could turn into bearish. However immediate resistance is seen at 415, then Rs 419 levels.
All the technical indicators Relative strength index (RSI) at 47 on weekly chart suggesting upside potential for the near term. The MACD is trading below the signal line with likely bullish crossover, also indicating upside potential for the near term.
Support: 396.3, 400.50
Resistance: 413.50, 418.80
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MCX Copper Could Breach 419 Levels
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