MCX Copper June as seen in the weekly chart above has initially moved sharply higher, but found very good resistance at
430.85 levels. Later prices fell sharply breaking both the support levels towards 406.85 levels and finally closed sharply
lower.
For the next week we expect Copper prices to find initial resistance at 413.50-415.50 levels. Trading consistently above 416
would trigger a minor rally initially towards 423 levels and then finally towards 427 levels.
Strong support is now observed in the range of 402.50-402 levels. Trading consistently below 402 levels would continue the
current fall initially towards 399.70 levels then 395.30 and then finally towards the major support at 391.30 levels.
MCX / LME Copper Trading levels for the week (04.06.2012 to 08.06.2012)
Trend: Sideways
S1 – 399.70 / $ 7170 R1 – 415.30 / $ 7470
S2 – 391.30/ $ 7005 R2 – 423.70 / $ 7635
Recommendation: Sell MCX Copper June between 413-415, SL-421, Target -405/402
OR Buy MCX Copper June between 403-402, SL-397, Target -413
430.85 levels. Later prices fell sharply breaking both the support levels towards 406.85 levels and finally closed sharply
lower.
For the next week we expect Copper prices to find initial resistance at 413.50-415.50 levels. Trading consistently above 416
would trigger a minor rally initially towards 423 levels and then finally towards 427 levels.
Strong support is now observed in the range of 402.50-402 levels. Trading consistently below 402 levels would continue the
current fall initially towards 399.70 levels then 395.30 and then finally towards the major support at 391.30 levels.
MCX / LME Copper Trading levels for the week (04.06.2012 to 08.06.2012)
Trend: Sideways
S1 – 399.70 / $ 7170 R1 – 415.30 / $ 7470
S2 – 391.30/ $ 7005 R2 – 423.70 / $ 7635
Recommendation: Sell MCX Copper June between 413-415, SL-421, Target -405/402
OR Buy MCX Copper June between 403-402, SL-397, Target -413
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