MCX Copper February as seen in the weekly chart above has opened at 356.70 levels and at the starting of the week prices corrected sharply towards 350.85 levels but later on as expected prices could not able to sustain on lower levels and bounced back towards the weekly high of 362.85 levels. During this week prices have closed near the previous week’s closing of 357.30 levels and finally closed 0.14% lower at 356.80 levels. Technically prices have formed “Doji candlestick pattern” which indicates indecisiveness.
NATURAL GAS TRADING TRENDS :
MCX COPPER SUPPORT & RESISTANCE LEVEL :
For the next week we expect Copper prices to find support in the range of 352 – 350 levels. Trading consistently below 350 levels would lead towards the strong support at 346 levels and then finally towards the major support at 340 levels.
Resistance is now observed in the range of 365 – 367 levels. Trading consistently above 367 levels would lead towards the strong resistance at 373 levels, and then finally towards the major resistance at 380 levels.
MCX / LME Copper Trading levels for the week
S1 – 350 / $ 5,400 R1 – 367 / $ 5,920
S2 – 340 / $ 5,480 R2 – 373 / $ 6,020