Copper prices to find support in the range of 430 – 429 levels. Trading consistently below 429 levels would lead towards the strong support at 424 levels and then finally towards the major support at 420 levels.
MCX Copper August as seen in the weekly chart above has opened at 431.35 levels and in the starting of the week price have made a low of 427.70 levels but could not able to sustain at lower levels and moved sharply higher towards 439.40 levels and finally closed 0.76% higher at 435.25 levels. Technically, as per the candlestick pattern prices have formed “Bullish candlestick pattern” indicating positive move.
For the next week we expect Copper prices to find support in the range of 430 – 429 levels. Trading consistently below 429 levels would lead towards the strong support at 424 levels and then finally towards the major support at 420 levels.
Resistance is now observed in the range of 440 - 441 levels. Trading consistently above 441 levels would lead towards the strong resistance at 447 levels, and then finally towards the major resistance at 452 levels.
MCX / LME Copper Trading levels for the week
Trend: Up
S1 – 430 / $ 6,920 R1 – 441 / $ 7,220
S2 – 424 / $ 6,820 R2 – 447 / $ 7,310
Weekly Recommendation: Buy MCX Copper Aug between 430 – 429, SL- 424, Target – 439 / 441