MCX Copper April In Sideways Trend, Resistance At 410-412 Levels
CommodityOnline | Mar 31, 2014 03:38AM ET
MCX Copper April as seen in the weekly chart above has opened at 399.20 levels and during this week prices made a high of 405.20 levels. At the same time as expected prices corrected from the higher levels toward 395.50 levels. In the mid of the week prices bounced from the lower levels and again moved higher towards 405.10 levels and finally closed 1.07% higher.
For the next week we expect Copper prices to find support in the range of 396 – 395 levels. Trading consistently below 395 levels would lead towards the strong support at 388 levels and then finally towards the major support at 382 levels.
Resistance is now observed in the range of 410 - 412 levels. Trading consistently above 412 levels would lead towards the strong resistance at 418 levels, and then finally towards the Major resistance at 422 levels.
MCX / LME Copper Trading levels for the week
Trend: Sideways
S1 – 395 / $ 6,580 R1 – 412 / $ 6,870
S2 – 388 / $ 6,460 R2 – 422 / $ 7,040
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