Copper June In Up Trend, Buying Recommendation
CommodityOnline | Jun 23, 2014 05:08AM ET
MCX Copper June as seen in the weekly chart above has opened at 402 levels and during this week open and low levels were the same. In this week as expected prices rallied sharply towards the weekly high of 416.40 following with breached previous week high and trading above it. During this week prices have closed 3.64% higher at 415.45 levels. Technically, as per the candlestick pattern prices have formed “Bullish candlestick pattern” indicating strength.
For the next week we expect Copper prices to find support in the range of 407 – 409 levels. Trading consistently below 407 levels would lead towards the strong support at 402 levels and then finally towards the major support at 398 levels.
Resistance is now observed in the range of 420 - 421 levels. Trading consistently above 421 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: Up
S1 – 407 / $ 6,672 R1 – 421 / $ 6,900
S2 – 402 / $ 6,590 R2 – 427 / $ 7,000
Weekly Recommendation: Buy MCX Copper June between 407 – 409, SL- 401, Target – 421 / 425
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