Resistance is now observed in the range of 438 - 440 levels. Trading consistently above 440 levels would lead towards the strong resistance at 445 levels, and then finally towards the major resistance at 450 levels.
MUMBAI: MCX Copper August as seen in the weekly chart above has opened at 427 levels and in the starting of the week price have made a low of 424.85 levels but could not able to sustain on support levels and bounced back from these levels towards the weekly high of 436.85 levels.
During the week prices have tested the previous low of 424.75 levels but bounced from these levels and made a “Double Bottom” formation which is supportive for the bullish trend. At the last trading session of the week prices corrected from higher levels and finally closed 1.36% higher at 431.95 levels. Technically, as per the candlestick pattern prices have formed “Bullish candlestick pattern with Double Bottom” indicating strength.
For the next week we expect Copper prices to find support in the range of 424 – 422 levels. Trading consistently below 422 levels would lead towards the strong support at 419 levels and then finally towards the major support at 414 levels.
Resistance is now observed in the range of 438 - 440 levels. Trading consistently above 440 levels would lead towards the strong resistance at 445 levels, and then finally towards the major resistance at 450 levels.
MCX / LME Copper Trading levels for the week
Trend: Up
S1 – 427 / $ 7,110 R1 – 440 / $ 7,330
S2 – 419 / $ 6,980 R2 – 445 / $ 7,420
Weekly Recommendation: Buy MCX Copper August between 424 – 427, SL- 419, Target – 438 / 445