For the next week we expect Copper prices to find support in the range of 396 – 395 levels. Trading consistently below 395 levels would lead towards the strong support at 388 levels and then finally towards the major support at 382 levels.
MCX Copper April as seen in the weekly chart above has opened at 407.60 levels and during this week prices made a low of 396.20 levels. In the mid of the week as expected prices bounced from the lower levels and moved higher towards 408.80 levels and finally closed 0.10% higher on 407.40 levels.
During this week prices able to close above the previous week’s closing of 407 levels. As per the candlestick pattern prices formed a “Doji” candlestick pattern which indicates indecisiveness.
For the next week we expect Copper prices to find support in the range of 396 – 395 levels. Trading consistently below 395 levels would lead towards the strong support at 388 levels and then finally towards the major support at 382 levels.
Resistance is now observed at 412 levels. Trading consistently above 412 levels would lead towards the strong resistance at 418 levels, and then finally towards the major resistance at 422 levels.
MCX / LME Copper Trading levels for the week
Trend: Up
S1 – 396 / $ 6,500 R1 – 412 / $ 6,760
S2 – 388 / $ 6,360 R2 – 422 / $ 6,920
Weekly Recommendation: Buy MCX Copper April between 400 – 403, SL- 396, Target – 412 / 415