MCX Copper daily chart technical analysis
Mcx copper future on last trading session closed at 450.1 with gain. On daily chart mcx, copper future price trend is down but momentum is bullish and recovery is going on.
Copper is trading below its 3-month and month average while off the lows because of recovery. On daily chart, indicators are off the lows and suggesting bullish breakout is possible in next week.
For next week, mcx copper future support zones are 442 and then 434 while on upside expect strong resistance at 454 and 462. Any daily closing above 454 means breakout.
Short-term traders above 442 keep buy on dips view for upside targets of 454 and then 462.
MCX Copper weekly chart technical analysis
Mcx copper future this week closed with almost 1% gain. This week copper future low was at 446 while high was near 453. Total 7 rupee or almost 2% volatility in week with closing with gains. On weekly chart copper future price, trend and momentum both are bullish and after correction now prices showing primary trend is resuming. Indicator patterns are also signaling it.
From medium to long-term view, mcx copper future support zones are 441 and then 434. While on upside expect strong resistance at 460 and then 478. These levels also remain as targets for upcoming weeks if sustain above 440.
Swing traders and investors above 440 keep long view and expect targets of 460 to 478 in weeks to months.