MCX Copper November as seen in the weekly chart above has opened the week at 350.25 levels and at the same day it made a high of 354.65 levels. As expected prices corrected from higher levels and made a weekly low of 337.20 levels. This week prices have closed below the previous week’s closing of 350.55 levels and finally closed at 337.80 levels. As per the candlestick pattern it formed “Bearish candlestick pattern” which indicates further weakness.
Mcx Copper Weekly Support Level :
For the next week we expect Copper prices to find support in the range of 333 – 332 levels. Trading consistently below 332 levels would lead towards the strong support at 328 levels and then finally towards the major support at 324 levels.
Mcx Copper Weekly Resistance Level :
Resistance is now observed in the range of 344 – 345 levels. Trading consistently above 345 levels would lead towards the strong resistance at 352 levels, and then finally towards the major resistance at 356 levels.