Trading consistently below 422 levels would lead towards the strong support at 419 - 417 levels and then finally towards the major support at 412 levels.
MCX Copper Nov. as seen in the weekly chart above has opened at 436.40 levels and it made a high of 439.35 levels. During this week prices could not able to breach the resistance of 440 – 441 levels and corrected sharply toward the weekly low of 427.40 levels. As expected in the end of the week prices bounced back from the lower levels towards the 431.45 and finally closed 1.54% lower at 429.50 levels. Technically, as per the candlestick pattern prices have formed “Bearish candlestick” indicating weakness in the prices.
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 - 417 levels and then finally towards the major support at 412 levels.
Resistance is now observed in the range of 433 - 435 levels. Trading consistently above 435 levels would lead towards the strong resistance at 441 levels, and then finally towards the major resistance at 445 levels.
MCX / LME Copper Trading levels for the week
Trend: Sideways Down
S1 – 422 / $ 7,000 R1 – 435 / $ 7,220
S2 – 417 / $ 6,900 R2 – 441 / $ 7,300
Weekly Recommendation: Sell MCX Copper November between 433 – 435, SL- 441, Target – 424 / 421