Copper trend analysis 26 to 30 May 2014
Copper daily chart technical analysis
Copper future on last trading session closed at 410.85 with gain. On daily chart, copper future price trend is down but momentum is bullish and copper is recovering from lows on short covering as well as buying interest. Copper is trading above its week and month average and heading towards 3-month average for breakout. From short-term view, copper has support zones at 408 and 400 rupees. On upside 418 and 430 rupees are strong resistances. Daily chart indicators patterns are bullish and suggesting breakout and trend change for copper future in next week.
Traders above 400 rupees keep buy on dips view for targets 418 and then 430 rupees.
Copper weekly chart technical analysis
Copper future this week closed with loss. On weekly chart, copper future price trend is down but momentum is building for recovery run. Copper is still trading way below major long-term averages but bottom out signs of indicators. From medium to long-term view, 400 rupees and 375 rupees are strong support zones for copper while on upside 425 and 430 rupees are strong resistance zones for now. 425 is 6 and 24 month average level and 430 is 12-month average level.
Investors must follow buy on dips view below 400 levels for targets 425 and then 430. Any weekly closing above 430 means long-term bullish breakout for copper for targets 500 rupee plus.