Copper daily chart technical analysis
Copper future on last trading session tumbled almost by 4% and closed at 421. On daily chart, copper future is in absolute downtrend but prices are now in oversold zones.
For next week, mcx copper future resistance levels are 432 and 444 while on downside 418 and 410 are strong support levels. Major indicators are bearish but heavily oversold state.
Below 434 use major bounce back, to go short for downside targets. As prices are oversold, state we may see sharp bounce back or high volatile action in prices.
Copper weekly chart technical analysis
Copper future this week tumbled by 5% with strong bearish breakout of weekly chart. This was second week of losses for copper prices and in this 2 weeks we seen 30 rupee drop here. This week mcx copper future high was at 446 while low was at 421. Total 25-rupee drop from high or 6% swing with deep negative closing.
On upside, 432 is 2 years average level and major resistance on weekly chart. Above it 442 is 12-month average and next resistance. On downside, previous bottom support zones are 410 and 475 rupees.
Positional traders below 432 keep sell on rise view for targets 410 and then possibly 475.