Mcx Copper Weekly Outlook – MCX Copper June as seen in the weekly chart above has opened at 389.00 levels. First three sessions of the week price fell sharply lower and made a low of 376.75 levels. But could not sustain at lower levels and last two sessions of the week prices rallied sharply higher towards making the weekly new high of 392.45 levels. This week prices closed above the previous week’s closing of 387.85 levels and finally closed 0.68% marginal higher at 390.50 levels. As per the candlestick pattern it formed a “Bullish Candlestick” indicating up side strength.
Copper Support & Resistance Level :
For the next week we expect Copper prices to find support in the range of 383 – 384 levels. Trading consistently below 383 levels would lead towards the strong support at 377 levels and then finally towards the major support at 370 levels.
Resistance is now observed in the range of 395 – 396 levels. Trading consistently above 396 levels would lead towards the strong resistance at 403 levels, and then finally towards the major resistance at 409 levels.
Buy MCX Copper June between 383 – 384, Stoploss- 377, Target – 395/ 403