Copper April In Down Trend, Selling Recommended
CommodityOnline | Apr 07, 2014 05:08AM ET
MCX Copper April as seen in the weekly chart above has opened at 404.70 levels initially, moved higher, but found good resistance at 408.85 levels. Later prices fell sharply towards 400.65 levels and finally closed lower from the previous weeks closing levels at 401.10.
For the next week we expect Copper prices to find support in the range of 395.50 –395 levels. Trading consistently below 395 levels would lead towards strong support at 389.50 levels and then finally towards the major support at 382.30 levels.
Resistance is now observed in the range of 404.50-405 levels. Trading consistently above 405 levels would lead towards the strong resistance at 409 levels, and then finally towards the major resistance at 416 levels.
MCX / LME Copper Trading levels for the week
Trend: Down
S1 – 395.00/ $6500 R1 – 409.00/ $6750
S2 – 389.50/ $6410 R2 – 416.00/ $6860
Weekly Recommendation: Sell MCX Copper Apr between 407 - 409, SL- 416, Target -395/390.
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