Copper Weekly Outlook - MCX Copper February as seen in the weekly chart above has opened at 396.10 levels. This week price made a low of 390.40 levels but could not sustain at lower levels and rallied sharply higher towards 407 levels and finally closed 1.26% higher at 403.40 levels. As per the candlestick pattern it formed a “Bullish Candlestick”.
Copper Support & Resistance Level :
For the next week we expect Copper prices to find support in the range of 395 – 396 levels. Trading consistently below 395 levels would lead towards the strong support at 390 levels and then finally towards the major support at 383 levels.
Resistance is now observed in the range of 409 – 410 levels. Trading consistently above 410 levels would lead towards the strong resistance at 416 levels, and then finally towards the major resistance at 421 levels.