MCX Copper June as seen in the weekly chart above has opened at 410.75 levels and during this week prices made a low of 408.70 levels. In the mid of the week as expected prices bounced from the lower levels and moved higher towards 423.10 levels and finally closed 2.07% higher on 419.50 levels. During this week prices are able to close above the last 5 week’s high and as per candlestick it formed a “Bullish candlestick” pattern which indicates bullishness.
For the next week we expect Copper prices to find support in the range of 412 – 410 levels. Trading consistently below 410 levels would lead towards the strong support at 405 levels and then finally towards the major support at 396 levels.
Resistance is now observed at 427 levels. Trading consistently above 427 levels would lead towards the strong resistance at 434 levels, and then finally towards the major resistance at 440 levels.
MCX / LME Copper Trading levels for the week
S1 – 410 / $ 6,720 R1 – 427 / $ 7,000
S2 – 405 / $ 6,640 R2 – 434 / $ 7,120
Weekly Recommendation: Buy MCX Copper April between 410 – 412, SL- 405, Target – 427 / 430