MCX Copper August as seen in the weekly chart above has opened at 424.50 levels initially moved sharply higher and as expected found resistance at 426.40 levels. Later prices fell sharply lower towards 417.55 levels and finally closed higher from the previous weeks closing levels.
For the next week we expect Copper prices to find strong support in the range of 421-419 levels. Multiple closing below 418 levels would indicate that a short term top has been posted and thereby major decline can be expected initially towards 410.25 and then finally towards 402.05 levels.
Strong Resistance is now observed in the range of 429-432 levels. Multiple 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 then 446 and then finally towards the major resistance at 453 levels. (NEAL BHAI)
For the next week we expect Copper prices to find strong support in the range of 421-419 levels. Multiple closing below 418 levels would indicate that a short term top has been posted and thereby major decline can be expected initially towards 410.25 and then finally towards 402.05 levels.
Strong Resistance is now observed in the range of 429-432 levels. Multiple 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 then 446 and then finally towards the major resistance at 453 levels. (NEAL BHAI)
GOOD WORK BOSS
ReplyDeleteit is true neal ji.
ReplyDeleteTHANX PRABHAKAR KUMAR JI
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