MCX Copper June as seen in the weekly chart above has opened at 417.50 levels initially moved sharply higher, but found resistance at 424.45 levels. Later prices fell sharply towards 412.25 levels and finally closed marginally lower from the previous weeks closing levels.
For the next week we expect Copper prices to find support at 412-410 levels. Trading consistently below 410 would lead towards the strong support at 406-405 levels. Daily closing below 405 levels would indicate that a short term top has been posted and thereby major decline can be expected initially towards 397 then 387 and then finally towards the final support at 378 levels.
Resistance is now observed in the range of 424-425 levels. Trading consistently above 425 levels would lead towards the strong resistance at 430 levels. Daily closing above 430 levels would indicate that a short term bottom has been posted and thereby new leg up can be expected initially towards 441 then 446 and then finally towards the major resistance at 449 levels.
For the next week we expect Copper prices to find support at 412-410 levels. Trading consistently below 410 would lead towards the strong support at 406-405 levels. Daily closing below 405 levels would indicate that a short term top has been posted and thereby major decline can be expected initially towards 397 then 387 and then finally towards the final support at 378 levels.
Resistance is now observed in the range of 424-425 levels. Trading consistently above 425 levels would lead towards the strong resistance at 430 levels. Daily closing above 430 levels would indicate that a short term bottom has been posted and thereby new leg up can be expected initially towards 441 then 446 and then finally towards the major resistance at 449 levels.
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