Copper In Sideways Trend, Selling Recommended
CommodityOnline | May 05, 2014 06:36AM ET
MCX Copper June as seen in the weekly chart above has opened at 421.05 levels and during this week prices made a high of 422.20 levels. During this week prices corrected sharply towards the low of 405.55 levels and at the end of the week prices bounced back from near to the support of 405 levels and finally closed 1.90% lower on 411.55 levels. During this week prices have closed below previous week’s closing of 419.50 levels and as per candlestick it formed a “Bearish candlestick” pattern which indicates bearishness.
For the next week we expect Copper prices to find support in the range of 405 – 404 levels. Trading consistently below 404 levels would lead towards the strong support at 398 levels and then finally towards the major support at 392 levels.
Resistance is now observed in the range of 420 - 422 levels. Trading consistently above 422 levels would lead towards the strong resistance at 427 levels, and then finally towards the major resistance at 434 levels.
MCX / LME Copper Trading levels for the week
Trend: Sideways
S1 – 404 / $ 6,620 R1 – 420 / $ 6,880
S2 – 398 / $ 6,520 R2 – 427 / $ 7,000
Weekly Recommendation: Sell MCX Copper June between 418 – 422, SL- 427, Target – 405 / 404
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