Copper Weekly Outlook - MCX Copper June as seen in the weekly chart above has opened at 386.95 levels and made a high of 389.30 levels. But could not sustain at higher levels and prices fell sharply lower towards making the weekly new low of 378.45 levels. This week prices closed below the previous week’s closing of 386.65 levels and finally closed 1.06% lower at 382.55 levels. As per the candlestick pattern it formed “Bearish Candlestick” indicating downside strength.
Copper Support Level :
For the next week we expect Copper prices to find support in the range of 377 – 378 levels. Trading consistently below 377 levels would lead towards the strong support at 371 levels and then finally towards the major support at 366 levels.
Copper Resistance Level :
Resistance is now observed in the range of 389 – 390 levels. Trading consistently above 390 levels would lead towards the strong resistance at 397 levels, and then finally towards the major resistance at 403 levels