MCX
Copper August contract last week opened at 415 levels initially
was slow but found strong support at 410.65 levels afterwards prices
rallied towards 420.75 and finally closed higher from previous weeks
closing levels. Experts believes that next week Copper prices are
going to find support in range of 417.30 and 416 levels and further
below strong support is seen at 413-412 levels. Trading consistently
below 411 levels would lead to correction towards 407 upto 397
levels. Resistance is observed in range of 423.80 and 425 levels and
strong resistance is seen at 427-429 levels.
MCX
Copper Levels for this Week -
S1
– 417.30, S2 – 413.40, R1 – 423.80, R2 – 427.40
Buy
MCX Copper August between 417.50 and 416.50 with stop loss of 412.90
and target of 423.50.
