Copper weekly outlook 7 to 11 April 2014
Copper daily chart technical analysis
MCX COPPER on last trading session closed at 401.1 with loss. On daily chart, copper future trend and momentum both are down. Copper is trading below major short term averages with bearish indicators patterns.
For next week, mcx copper future support zones are 395 and 388 while on upside 410 and 428 are strong resistances. 410 is 1-month average level and 428 is 3-month average level.
On indicators and oscillators, RSI is 34 and once gain heading towards oversold zone. CCI is -102 and off the lows.
Traders below 410 keep short view and follow sell on rise strategy or stay away. On strong dollar index and china credit-crisis issue, we may see much lower levels ahead.
Copper weekly chart technical analysis
MCX COPPER this week tumbled by almost 1%. This week copper future hit high at 408.85 while low was at 400.65. Total 8 rupee or 2% weekly range and closed with loss. Weekly chart price trend and momentum both are down.
On downside, 390 and 375 are support zones of previous swing bottoms. While on upside 430 is 2 years average level and first major resistance and 438 is 12, 6-month average zone, and next resistance on weekly chart.
On indicators and oscillators, RSI is 40 and with bearish divergence and CCI is -109 and heading towards -200 zones with bearish divergence.
Investors below 438 keep short view and expect copper may touch historic lows. If china issue got worst then we may see 300-280 rupee level on chart.