Copper Weekly Outlook Report : MCX Copper August as seen in the weekly chart above has opened at 339.85 levels and made a high of 343.95 levels. But could not sustain on higher levels and prices fell sharply lower towards making the weekly new low of 334.15 levels. This week prices closed below the previous week’s closing of 340.25 levels and finally closed 1.43% lower at 335.40 levels. As per the candlestick pattern it formed “Bearish Candlestick” indicating downside strength.
Copper Weekly Support Level :
For the next week we expect Copper prices to find support in the range of 328 – 329 levels. Trading consistently below 328 levels would lead towards the strong support at 321 levels and then finally towards the major support at 316 levels.
Copper Weekly Resistance Level :
Resistance is now observed in the range of 343 – 344 levels. Trading consistently above 344 levels would lead towards the strong resistance at 351 levels, and then finally towards the major resistance at 357 levels.