Copper Aug In Down Trend, Sell Recommendation
CommodityOnline | Aug 18, 2014 05:49AM ET
Trading consistently below 410 levels would lead towards the strong support at 406 levels and then finally towards the major support at 402 levels.
MCX Copper August as seen in the weekly chart above has opened at 431 levels and in the starting of the week price have made a high of 432.80 levels but could not able to sustain on resistance zone of 433 - 434 and corrected sharply towards the weekly low of 415.50 levels. In the week prices have breached the previous 7 week’s low and finally closed 3.28% lower at 415.80 levels. Technically, as per the candlestick pattern prices have formed “Bearish formation” indicating weakness.
Resistance is now observed in the range of 421 - 422 levels. Trading consistently above 420 levels would lead towards the strong resistance at 427 levels, and then finally towards the major resistance at 433 levels.
MCX / LME Copper Trading levels for the week
Trend: Down
S1 – 411 / $ 6,850 R1 – 421 / $ 7,020
S2 – 406 / $ 6,760 R2 – 427 / $ 7,120
Weekly Recommendation: Sell MCX Copper August between 420 – 422, SL- 427, Target – 411 / 409
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