MCX Copper August as seen in the weekly chart above has opened at 422 levels initially moved sharply lower, but found support at 418 levels. Later prices rallied sharply towards 431.80 levels and finally closed sharply higher from the previous weeks closing levels.
For the next week we expect Copper prices to find support at 426.60-425.60 levels. Trading consistently below 425 would lead towards the strong support at 421 levels. Daily closing below 421 levels would indicate that the current rally has come an end and thereby major decline can be expected initially towards 417 and then finally towards 411 levels.
Resistance is now observed in the range of 434-435 levels. Trading consistently above 435 levels would lead towards the strong resistance at 440 levels. Daily closing above 440 levels would indicate that a short term bottom has been posted and thereby new leg up can be expected initially towards 446 and then finally towards the major resistance at 451 levels.
For the next week we expect Copper prices to find support at 426.60-425.60 levels. Trading consistently below 425 would lead towards the strong support at 421 levels. Daily closing below 421 levels would indicate that the current rally has come an end and thereby major decline can be expected initially towards 417 and then finally towards 411 levels.
Resistance is now observed in the range of 434-435 levels. Trading consistently above 435 levels would lead towards the strong resistance at 440 levels. Daily closing above 440 levels would indicate that a short term bottom has been posted and thereby new leg up can be expected initially towards 446 and then finally towards the major resistance at 451 levels.
