Copper forecast 9 to 13 June 2014
Copper daily chart technical analysis
Copper future on last trading session closed at 398.8 with loss. On daily chart, copper future price trend and momentum both are down. Copper is trading below all short-term averages and with fresh selling momentum. For next week, copper has supports around 390, 380 rupees levels while on upside 410 is first resistance of 1-month average, and 415 is next resistance level of 3-month average. Daily chart indicators are bearish and suggesting downside for prices in next week. Traders below 410 keep short view and expect lower levels up to 390-380.
Copper weekly chart technical analysis
Copper future this week tumbled by 3%. This was forth losing week for copper prices and in these, four-week period tumbled from 420 to 396 rupees, Total 24 rupees or 6% downfall in short time. This week copper future hit high around 417 while low as near 396. Total 21-rupee range or 5% volatility and closed with loss on fresh breakdown. Copper future weekly price trend and momentum both are down. On downside 375 and 340 rupees are strong support zones while on upside 424 and 440 are strong resistances. 424 is 2 years average level and major supply zone on chart. Weekly chart indicators pattern suggesting fresh breakdown so expect copper may test 375 levels in upcoming weeks. For long-term investors 340-375 zones is best buy and accumulate zone.