MCX / LME Copper Trading levels for the week (13.08.2012 to 17.08.2012)
MCX Copper August as seen in the weekly chart above has opened at 413.05 levels initially moved lower, but found strong support at 411.80 levels. Later prices rallied sharply towards 419.85 levels and finally closed higher from the previous weeks closing levels.
For the next week we expect Copper prices to find support in the range of 411.30-410.80 levels and further below strong support is seen at 407.40-406.40 levels. Trading consistently below 406 levels would trigger sharp correction initially towards 404.25, then 397 and then finally towards 387 levels.
Resistance is now observed in the range of 419.20-420.20 levels and then strong resistance is seen at 423.50-425 levels.
Daily closing above 425 levels would resume the uptrend and thereby new leg up can be expected initially towards 430 then 435 and then finally towards the major resistance at 440 levels.
No comments:
Post a Comment
If you have any doubts, Please let me know