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Copper In Downtrend, Support 442.50, 434.70: Angel

ByCommodityOnline
Published 12/09/2013, 02:58 AM
Updated 05/14/2017, 06:45 AM

MCX Copper February as seen in the weekly chart above has opened at 449.50 levels initially moved sharply lower, but has found good support at 443.60 levels. Later prices rallied sharply towards 451.80 levels, but could not sustain fell back lower towards 445.55 levels and finally closed sharply lower from the previous weeks closing levels, according to Angel Commodities.

For the next week we expect Copper prices to find support in the range of 442.50 –440 levels. Trading consistently below 439 levels would lead towards the strong support at 434.70 levels and then finally towards the major support at 424.30 levels.
Copper
Resistance is now observed in the range of 450-452 levels. Trading consistently above 453 levels would lead towards the strong resistance at 456.40 levels, and then finally towards the Major resistance at 465 levels.

MCX / LME Copper Trading levels for the week

Trend: Down
S1 – 442.50/ $7060 R1 – 450.80/ $71850
S2 – 434.70/ $6985 R2 – 456.40/ $7265

Weekly Recommendation: Sell MCX Copper February between 450-452, SL-456.50, Target -442, Angel Commodities report said.

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