MCX Copper April as seen in the weekly chart above has opened at 439.10 levels and during this week it rallied sharply higher towards 446 levels but could not sustained on resistance level and corrected back towards 421.05 levels and making the new contract low levels. We have observed that during this week prices fell sharply 4.27% lower and finally closed at 421.40 levels.
For the next week we expect Copper prices to find support in the range of 414 – 415 levels. Trading consistently below 414 levels would lead towards the strong support at 407 levels and then finally towards the major support at 403 levels.
Resistance is now observed in the range of 430-432 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: Sideways - Down
S1 – 414 / $ 6670 R1 – 432 / $ 6970
S2 – 407 / $ 6560 R2 – 441 / $ 7110
Weekly Recommendation: Sell MCX Copper April between 430 - 432, SL- 441, Target - 414 / 410.