MCX Copper Falls Sharply, Short Mcx Copper Nov Target 433
CommodityOnline | Nov 18, 2013 06:19AM ET
MCX Copper November as seen in the weekly chart below has opened at 457.90 levels initially moved higher but has found good resistance at 460.15 levels. Later prices fell sharply breaking both the support levels towards 438.70 levels and finally closed sharply lower from the previous weeks closing levels.
For the next week we expect Copper prices to find support in the range of 433 –432 levels. Trading consistently below 431 levels would lead towards the strong support at 425 levels and then finally towards the major support at 416 levels.
Resistance is now observed in the range of 446-447 levels. Trading consistently above 448 levels would lead towards the strong resistance at 455 levels, and then finally towards the Major resistance at 468 levels.
MCX / LME Copper Trading levels for the week
Trend: Down
S1 – 433.20/ $6895 R1 – 446.50/ $7050
S2 – 425.00/ $6785 R2 – 454.40/ $7165
Weekly Recommendation: Sell MCX Copper November between 446-447, SL-452.10, Target -433.
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