Copper Likely To Sideways, Neutral Recommended
CommodityOnline | Nov 17, 2014 05:09AM ET
Copper prices to find support in the range of 409 – 410 levels. Trading consistently below 409 levels would lead towards the strong support at 404 levels and then finally towards the major support at 398 levels.
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MCX Copper November as seen in the weekly chart above has opened at 413.60 levels. During this week price fell sharply lower and made a low of 406.25 levels but could not sustain lower levels at the end of this week prices moved sharply higher making new weekly high of 415.95 levels and finally closed 0.62% marginally higher at 415.60 levels. As per the candlestick pattern it formed a “Bullish Candlestick” indicating positive strength.
For the next week we expect Copper prices to find support in the range of 409 – 410 levels. Trading consistently below 409 levels would lead towards the strong support at 404 levels and then finally towards the major support at 398 levels.
Resistance is now observed in the range of 422 - 423 levels. Trading consistently above 423 levels would lead towards the strong resistance at 427 levels, and then finally towards the major resistance at 435 levels.
MCX / LME Copper Trading levels for the week
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Trend: Sideways
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S1 – 409 / $ 6,510 R1 – 423 / $ 6,740
S2 – 404 / $ 6,430 R2 – 427 / $ 6,800
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Weekly Recommendation: Neutral
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