Monday, August 1, 2011

MCX Copper Tips and trend for 1 Aug

Commodity market opened positive COMDEX opened at 3524.23 and MCXMETAL opened at 4745.68
The Copper is in perfect uptrend, We recommend buying copper for small targets for the day.

Buy copper above 440.60 (Aug contact)
Target: T1: 441.20, T2: 441.80
Stoploss: 440

Copper weekly trend (1-6 Aug)
Copper is in a consolidation phase and traders should use the strategy of buy on lower levels. Last week COMEX Copper was down for most part of the week. If next week COMEX Copper does not sustains below the level of 440 then above the level of 450 Copper can test the level of 457.

Copper weekly support and resistance levels
Copper support levels if copper touch S1: 439.00, S2: 431.0, S3:420.
Resistance levels if it touch R1: 451, R2: 458, R3: 466.


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