Resistance is now observed in the range of 416 - 417 levels. Trading consistently above 417 levels would lead towards the strong resistance at 423 levels, and then finally towards the major resistance at 428 levels.
MCX Copper Nov. as seen in the weekly chart above has opened the week at 408.05 levels and as expected it made a low of 404.60 levels. In the mid of the week prices could not able to sustain on support zone of 404 – 403 levels and bounce back from lower levels towards the high of 415.15 levels. In this week prices closed above the previous week’s closing of 409.25 levels and finally closed 0.75% higher at 412.30 levels.
For the next week we expect Copper prices to find support in the range of 404 – 403 levels. Trading consistently below 403 levels would lead towards the strong support at 400 - 398 levels and then finally towards the major support at 393 levels.
Resistance is now observed in the range of 416 - 417 levels. Trading consistently above 417 levels would lead towards the strong resistance at 423 levels, and then finally towards the major resistance at 428 levels.
MCX / LME Copper Trading levels for the week
Trend: Sideways
S1 – 403 / $ 6,600 R1 – 416 / $ 6,820
S2 – 398 / $ 6,520 R2 – 423 / $ 6,950