Copper forecast for week 21 to 25 April
Copper daily chart technical analysis
Mcx copper future on last trading session closed at 407.4 with gain. On daily chart, copper price trend is down but momentum slowly shifting on bull’s side that is why rounding bottom formation is started. From short term view, copper future support zones are 400 and 390 while on upside 409 is 1 month average resistance while 422 is 3 month average resistance.
Daily chart, RSI is 43 and heading towards 50 for breakout while CCI is -64 and with bullish divergences.
Traders above 390 keep buy on dips view for target 422 and above in upcoming week.
Copper weekly chart technical analysis
Mcx copper future this week closed with flat gains. This week copper future hit high at 409.6 while low was at 396.6. Total 14 rupee or almost 5% weekly swing and closed flat new high. On weekly chart, copper future price trend is down but momentum is shifting in hands of bulls and after consolidation prices now showing upward momentum. Strong base is formed around 400 rupees that will serve as support for copper prices. Below it, 375 will be next support area. On upside 430 is 2 years average level and major resistance and above it 435 is 12 month average and next resistance level.