Copper In Uptrend, Buying Recommended
CommodityOnline | Apr 28, 2014 05:06AM ET
MCX Copper June as seen in the weekly chart above has opened at 410.75 levels and during this week prices made a low of 408.70 levels. In the mid of the week as expected prices bounced from the lower levels and moved higher towards 423.10 levels and finally closed 2.07% higher on 419.50 levels. During this week prices are able to close above the last 5 week’s high and as per candlestick it formed a “Bullish candlestick” pattern which indicates bullishness.
For the next week we expect Copper prices to find support in the range of 412 – 410 levels. Trading consistently below 410 levels would lead towards the strong support at 405 levels and then finally towards the major support at 396 levels.
Resistance is now observed at 427 levels. Trading consistently above 427 levels would lead towards the strong resistance at 434 levels, and then finally towards the major resistance at 440 levels.
MCX / LME Copper Trading levels for the week
Trend: Up
S1 – 410 / $ 6,720 R1 – 427 / $ 7,000
S2 – 405 / $ 6,640 R2 – 434 / $ 7,120
Weekly Recommendation: Buy MCX Copper April between 410 – 412, SL- 405, Target – 427 / 430
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.