Copper prices to find support in the range of 423 – 422 levels. Trading consistently below 422 levels would lead towards the strong support at 414 levels and then finally towards the major support at 408 levels.
MCX Copper November as seen in the weekly chart above has opened at 429.65 levels and This week price have made a high of 431.65 levels but could not able to sustain on higher levels and corrected sharply lower towards 423.35 levels and finally closed 0.50% lower at 427.35 levels. From last few weeks prices are trading in a range.
For the next week we expect Copper prices to find support in the range of 423 – 422 levels. Trading consistently below 422 levels would lead towards the strong support at 414 levels and then finally towards the major support at 408 levels.
Resistance is now observed in the range of 433 - 434 levels. Trading consistently above 434 levels would lead towards the strong resistance at 440 levels, and then finally towards the major resistance at 445 levels.
MCX / LME Copper Trading levels for the week
Trend: Down
S1 – 422 / $ 6,870 R1 – 434 / $ 7,070
S2 – 414 / $ 6,740 R2 – 440 / $ 7,165
Weekly Recommendation: Sell MCX Copper November between 433 – 434, SL- 440, Target – 422 / 420