Copper forecast daily chart technical analysis
Mcx copper on last trading session closed at 404.6 with gain. On daily chart, copper future trend and momentum both are down. For next week, copper future support zones are 400 and 390 while on upside 413 is 1-month average and 430 is 3-month average and strong short-term resistance. Daily chart indicators are off the low and formed bullish recovery patterns.
Therefore, traders must expect technical bounce back up to 413 to 430 in next week. 395 will remain as stop loss level for long positions.
Copper forecast weekly chart technical analysis
Mcx copper future this week closed with 1% gains. After last 4 weeks, negative closing this week was first positive closing week for copper prices. This week copper future hit high at 405 while low was at 395. Total 10 rupee or 2.5% weekly swing and closed with gains. Copper future weekly chart price trend and momentum both are down.
From medium to long term view, 380 and 340 are strong support zones while on upside 430 is 2 years average and 440 is 6 and 12 month average and strong resistance levels on weekly chart. Weekly chart indicators are off the lows but still in bearish zones.
Investors below 440 stay short or stay away.