Tuesday, August 21, 2012
MCX Copper Tips For this Week
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.