Copper daily chart technical analysis
Copper future on last session closed at 443 with flat gains. On daily chart, mcx copper future price trend and momentum both down. On upside 448 is copper month average and first strong resistance while 452 is 3-month average and strong short-term resistance. On downside, 440 and 432 are support zones of previous bottoms.
Indicators are with bearish divergences and heading towards oversold zone. Traders below 452 keep sell on rise view but as copper future is showing resilience on lower levels and indicators are near oversold zone. Below 440 keep contra view and follow buy on dips view.
Copper weekly chart technical analysis
Copper future this week tumbled by 1.53% and closed just below its 12 month averages. Mcx copper future weekly chart trend is bullish but current momentum is bears hand. On chart, 446 and 452 are strong resistances. 446 is 12-month average level while 452 is 6-month average level. On downside 435 is mcx copper future 24-month average level and strong support zone. Below it 428 is next support zone.
Weekly chart indicators pattern are absolute bearish and suggesting profit booking pressure will continue in upcoming weeks.
Swing traders below 452 keep short view for target 435 and below with medium term view.