Copper weekly outlook 2 to 6 June 2014

Copper weekly outlook 2 to 6 June 2014

Copper daily chart technical analysis

MCX copper future on last trading session closed at 410.8 with gain. On daily chart, copper future price trend and momentum both are down. Copper is still trading below its 1 and 3 month averages with strong recovery patterns on indicators. For next week, copper future outlook is bullish and traders can expect fresh short-term bullish breakout here. On downside, 400 and 394 rupees are strong short-term support zones and while on upside 416 and 422 are strong resistances. Traders above 400 rupee must keep buy on dips view here for targets 416 and then 422 in next week.

Copper weekly chart technical analysis

MCX copper future this week closed with loss. On weekly chart, this was third flat closing week for copper future and suggesting consolidation phase before next major move. This week copper future made low at 409 while high was at 419. Total 10-rupee range or 2% plus volatility and closed flat negative. From medium to long term view, copper future support zones are 400 rupee and 375 rupee while on upside 430 and 442 rupees are strong resistances. Weekly chart indicators patterns are on recovery side so expect sharp Bull Run ahead.

Investors use sub 400 levels for buying and accumulation for long-term targets of 400 to 442 rupees.

The Author

Pramod Baviskar

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