COPPER:- MCX Copper August as seen in the weekly chart above has opened at 419.60 levels initially moved lower, but found strong support at 414.10 levels. Later prices rallied sharply towards 426.95 levels and finally closed sharply higher from the previous weeks closing levels.
For the next week we expect Copper prices to find support in the range of 422.40-421 levels and further below strong support is seen at 418.40-416.40 levels. Daily closing below 416 levels would indicate that the current rally has come to an end and thereby correction can be expected initially towards 412.20, then 407.90 and then finally towards 402 levels.
Strong Resistance is now observed in the range of 430.80-432 levels. Daily closing above 432 levels would extend the current rally initially towards 438 and then finally towards the major resistance at 443.60 levels.
For the next week we expect Copper prices to find support in the range of 422.40-421 levels and further below strong support is seen at 418.40-416.40 levels. Daily closing below 416 levels would indicate that the current rally has come to an end and thereby correction can be expected initially towards 412.20, then 407.90 and then finally towards 402 levels.
Strong Resistance is now observed in the range of 430.80-432 levels. Daily closing above 432 levels would extend the current rally initially towards 438 and then finally towards the major resistance at 443.60 levels.
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