MCX Copper August as seen in the weekly chart above has opened at 428.80 levels initially moved sharply higher, but found resistance at 432.50 levels. Later prices fell sharply towards 423.60 levels and finally closed sharply lower from the previous weeks closing levels.
For the next week we expect Copper prices to find support at 421.50-420.50 levels. Trading consistently below 420.40 would lead towards the strong support at 418 levels. Daily closing below 418 levels would indicate that the current rally has come an end and thereby major decline can be expected initially towards 412.20 and then finally towards 402.10 levels.
Resistance is now observed in the range of 426.50-427 levels. Trading consistently above 427 levels would lead towards the strong resistance at 431 levels. Daily closing above 432 levels would indicate that a short term bottom has been posted and thereby new leg up can be expected initially towards 440 and then finally towards the major resistance at 446 levels.
For the next week we expect Copper prices to find support at 421.50-420.50 levels. Trading consistently below 420.40 would lead towards the strong support at 418 levels. Daily closing below 418 levels would indicate that the current rally has come an end and thereby major decline can be expected initially towards 412.20 and then finally towards 402.10 levels.
Resistance is now observed in the range of 426.50-427 levels. Trading consistently above 427 levels would lead towards the strong resistance at 431 levels. Daily closing above 432 levels would indicate that a short term bottom has been posted and thereby new leg up can be expected initially towards 440 and then finally towards the major resistance at 446 levels.
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