MCX Copper Gets Good Support At 428.85 Levels
CommodityOnline | Nov 25, 2013 05:08AM ET
MCX Copper November as seen in the weekly chart above has opened at 439.50 levels initially moved sharply lower, but has found good support at 428.85 levels. Later prices rallied sharply towards 446.35 levels and finally closed sharply higher from the previous weeks closing levels.
For the next week we expect Copper prices to find support in the range of 440 –439 levels. Trading consistently below 438 levels would lead towards the strong support at 433 levels and then finally towards the major support at 422 levels.
Resistance is now observed in the range of 450-452 levels. Trading consistently above 453 levels would lead towards the strong resistance at 457 levels, and then finally towards the Major resistance at 471 levels.
MCX / LME Copper Trading levels for the week
Trend: Up
S1 – 439.50/ $7030 R1 – 450.50/ $7155
S2 – 433.00/ $6965 R2 – 457.20/ $7220
Weekly Recommendation: Buy MCX Copper November between 440-439, SL-434.90, Target -450.
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