Copper Nov Likely To Down, Selling
CommodityOnline | Oct 20, 2014 05:38AM ET
Copper prices to find support in the range of 404 – 405 levels. Trading consistently below 404 levels would lead towards the strong support at 399 levels and then finally towards the major support at 395 levels.
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MCX Copper November as seen in the weekly chart above has opened at 413.10 levels and this week price have made a high of 423.35 levels but could not sustain on higher levels and corrected sharply lower towards 404.50 levels. This week prices have closed at lowest levels in 17 weeks and finally closed 1.24% lower at 409.25 levels.
For the next week we expect Copper prices to find support in the range of 404 – 405 levels. Trading consistently below 404 levels would lead towards the strong support at 399 levels and then finally towards the major support at 395 levels.
Resistance is now observed in the range of 415 - 416 levels. Trading consistently above 416 levels would lead towards the strong resistance at 421 levels, and then finally towards the major resistance at 427 levels.
MCX / LME Copper Trading levels for the week
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Trend: Down
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S1 – 404 / $ 6,540 R1 – 416 / $ 6,740
S2 – 399 / $ 6,460 R2 – 421 / $ 6,820
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Weekly Recommendation: Sell MCX Copper November between 415 – 416, SL- 421, Target – 404 / 399
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