MCX Copper August as seen in the weekly chart above has opened at 425.70 levels initially moved sharply higher and as expected found strong resistance at 431.70 levels. Later prices fell sharply lower towards 419.75 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 417.50-417 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.
Strong Resistance is now observed in the range of 424.50-425.50 levels. Trading consistently above 426 levels would renew the previous rally initially towards 429.40 then 436 and then finally towards the major resistance at 441 levels.
For the next week we expect Copper prices to find strong support in the range of 417.50-417 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.
Strong Resistance is now observed in the range of 424.50-425.50 levels. Trading consistently above 426 levels would renew the previous rally initially towards 429.40 then 436 and then finally towards the major resistance at 441 levels.
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