MCX Copper November as seen in the weekly chart above has opened at 431.15 levels initially moved higher, but found strong resistance at 432.90 levels. Later prices fell sharply towards 423 levels and finally closed lower from the previous weeks closing levels.
For the next week we expect Copper prices to find support in the range of 422.50-421.50 levels and further below strong support is seen at 417.80-416.80 levels. Daily closing below 416.80 levels would indicate that a short term top has been posted and thereby correction can be expected initially towards 413 and then finally towards 408.80 levels.
Resistance is now observed in the range of 431-433 levels. Trading consistently above 433 levels would lead towards the strong resistance at 437.60 and then finally towards the major resistance at 441.10 levels.
For the next week we expect Copper prices to find support in the range of 422.50-421.50 levels and further below strong support is seen at 417.80-416.80 levels. Daily closing below 416.80 levels would indicate that a short term top has been posted and thereby correction can be expected initially towards 413 and then finally towards 408.80 levels.
Resistance is now observed in the range of 431-433 levels. Trading consistently above 433 levels would lead towards the strong resistance at 437.60 and then finally towards the major resistance at 441.10 levels.
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