MCX Copper June as seen in the weekly chart above has opened at 410.70 levels and during this week prices made a high of 412.65 levels. As expected during this week prices corrected sharply towards the low of 404.40 levels and in the end of the week prices have bounced back from near to the support of 404 levels towards 412.45 levels and finally closed 0.04% higher at 411.70 levels. During this week prices have closed above previous week’s closing of 411.55 levels and as per candlestick it formed a “Hammer pattern” which indicates positivity.
For the next week we expect Copper prices to find support in the range of 405 – 404 levels. Trading consistently below 404 levels would lead towards the strong support at 398 levels and then finally towards the major support at 392 levels.
Resistance is now observed in the range of 418 - 420 levels. Trading consistently above 420 levels would lead towards the strong resistance at 427 levels, and then finally towards the major resistance at 434 levels.
MCX / LME Copper Trading levels for the week
Trend: Up
S1 – 404 / $ 6,730 R1 – 418 / $ 6,960
S2 – 398 / $ 6,630 R2 – 427 / $ 7,120
Weekly Recommendation: Buy MCX Copper June between 404 – 405, SL- 398, Target – 418 / 420