Copper daily chart technical analysis
MCX Copper future on last trading session closed at 418.25 with gain. On daily chart, copper future is in downtrend but momentum is clearly strong bullish that why prices are near bullish breakout above 3 month average. From short-term view, copper future support zones are 414 and 408. 414 is week average level and 408 is 1-month average level. On upside 420 and 432 are strong resistances. 430 is 3-month average level and 432 was previous breakdown point. Daily chart indicators patterns are strong bullish and suggesting bullish breakout for prices.
Traders above 408 keep buy on dips view for target 420, which is almost achieved, and then 432 if future sustains above 420 levels.
Copper weekly chart technical analysis
MCX Copper future this week has given 2.66% gains. This week copper future hit high near 423 while low as at 405. Total 18-rupee range or 4% weekly swing and closed with gain. On weekly chart, copper future trend is down but momentum is slowly building on bull’s side after long consolidation. From medium to long-term view, copper future support zones are now 400 and 375 rupees while on upside 430 and 436 are strong resistances. 430 is 2 years average level and 436 is 12-month average level. Weekly chart indicators are off the lows and forming bottomed out pattern.
Investors here follow wait and watch strategy for breakout. If gives breakout above 430 then only go long for targets 455 to 480 in longer terms.