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Copper Bearish, To Find Support At 408 Levels: Angel Commodities

Published 11/13/2012, 06:28 AM
Updated 05/14/2017, 06:45 AM
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Weekly analysis for November 5-10, 2012 with outlook for Nov 12 to 17: Angel Commodities

MCX Copper November as seen in the weekly chart traded on a mixed note. Copper opened at 415.9, rallied for 2 continuous sessions making a high of 424.80 where it faced resistance and selling pressure sent the prices below the open making a low of 412.65. Some buying supported the prices at lower levels and finally Copper closed the price where it opened at 416.

For the next week we expect Copper prices to find Support at 408 levels. Below 408, a short term support seen at 405. Trading consistently below 405 can take Copper prices towards major support at 397.

Resistance is now seen at 426. Trading above 426 can take Copper towards strong resistance at 436. Above 436, Copper can face resistance at 444 and finally major resistance at 456.

MCX / LME Copper Trading levels for the week

Trend: Down

S1 – 408 / $ 7390 R1 – 426 / $ 7720

S2 – 397 / $ 7190 R2 – 436 / $ 7900

Recommendation: Sell MCX COPPER Nov between 424-426, SL - 436, Target - 410 / 408

Copper

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