MCX Copper February as seen in the weekly chart above has initially moved lower, but found good support at 397 levels. Later prices rallied sharply breaking both the resistances and finally closed sharply higher.
For the next week we expect Copper prices to find support at 411-409 levels. Trading consistently below 409 can trigger a sharp fall initially towards 403 levels, and then finally towards the Major support at 388 levels.
Resistance is now observed at 425-427 levels. Trading consistently above 427 levels can further extend the rally initially towards 434 levels, and then finally towards 438 levels
Trading levels for the week (16.01.12 To 20.01.12)
Trend: Up
S1- 411 R1-425
S2-403 R2-434
Recommendation:
Buy MCX Copper February between 411-409, SL-401, Target -425/430
LME COPPER
Trading levels for the week (16.01.12 To 20.01.12)
Trend: Up
S1- $7855 R1-$8265
S2-$7595 R2-$8525
Courtesy: Angel Commodities
