Copper Resistance At 416-417 Levels, Down
CommodityOnline | Sep 22, 2014 06:25AM ET
For the next week we expect Copper prices to find support in the range of 416 – 417 levels. Trading consistently below 416 levels would lead towards the strong support at 412 levels and then finally towards the major support at 405 levels.
MCX Copper November as seen in the weekly chart above has opened at 422.50 levels and This week price have made a high of 434.90 levels but could not able to sustain on higher levels and corrected sharply lower towards 417.90 levels and finally closed 0.80% lower at 420.65 levels. From last few weeks prices are trading in a range.
For the next week we expect Copper prices to find support in the range of 416 – 417 levels. Trading consistently below 416 levels would lead towards the strong support at 412 levels and then finally towards the major support at 405 levels.
Resistance is now observed in the range of 426 - 427 levels. Trading consistently above 427 levels would lead towards the strong resistance at 431 levels, and then finally towards the major resistance at 435 levels.
MCX / LME Copper Trading levels for the week
Trend: Down
S1 – 416 / $ 6,785 R1 – 427 / $ 6,970
S2 – 412 / $ 6,720 R2 – 431 / $ 7,035
Weekly Recommendation: Sell MCX Copper November between 426 – 427, SL- 431, Target – 416 / 412
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