COPPER UPDATES :- MCX Copper August as seen in the weekly chart above has opened at 421.40 levels initially moved lower, but found strong support at 415.55 levels. Later prices rallied sharply towards 422.70 levels and finally closed lower from the previous weeks closing levels.
For the next week we expect Copper prices to find strong support in the range of 418-417 levels. Multiple closing below 417 levels would indicate that a short term top has been posted and thereby major decline can be expected initially towards 412.60, then 409.20 and then finally towards 402.05 levels.
Resistance is now observed in the range of 423.80-424.80 levels and then strong resistance is seen at 427-429 levels. Daily closing above 429 levels would indicate that a short term bottom has been posted and thereby new leg up can be expected initially towards 435 then 441 and then finally towards the major resistance at 446 levels.
For the next week we expect Copper prices to find strong support in the range of 418-417 levels. Multiple closing below 417 levels would indicate that a short term top has been posted and thereby major decline can be expected initially towards 412.60, then 409.20 and then finally towards 402.05 levels.
Resistance is now observed in the range of 423.80-424.80 levels and then strong resistance is seen at 427-429 levels. Daily closing above 429 levels would indicate that a short term bottom has been posted and thereby new leg up can be expected initially towards 435 then 441 and then finally towards the major resistance at 446 levels.
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