copper forecast for 2 to 6 sep 2013

copper daily chart technical analysis

mcx copper future last closed at 473 with loss.on daily chart trend is up but momentum is losing out on account of profit booking.on chart trading below week average of 482.here 482 and top of 498 remain as strong resistance while on downside 462 is month average and 440 is 3 month average and major short term supports.

on indicators,mcx copper daily chart rsi level is at 63 and with bearish divergence.while cci is at 70 and significantly comes down from overbought zone.

mcxcopperdailychartfor2to6sep2013

copper weekly chart technical analysis

mcx copper this week closed with loss.on weekly chart trend is bullish but now going though correction.this week mcx copper future made high near 513 while low was near 473.total 40 rupee week range and closed with loss as profit booking triggered by rupee strengthen and margin hike.

here all major averages are 420-430 zone but in between 460 and 445 are major support on weekly chart.while on upside 490 top remain as strong supply point on chart.

on indicators,mcx copper weekly chart cci is +289 and still in overbought zone while rsi is at 63 with bullish divergence.

copper forecast for 2 to 6 sep 2013

for next week,mcx copper below 482 remain weak and correction may take copper future upto 462-440 levels.any closing above 482 will considered as reversal and rally will continue in pursuit of new high!!

from medium to long term view,430-420 zone is investment zone with target of 460-500 which is already achieved.now expect correction and consolidation and then next move/rally will start so wait and watch for prices to stabilize and then take a call.

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Updated: 01/09/2013 — 10:17 AM

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Pramod Baviskar

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