copper weekly tips 12 to 16 May 2014
copper daily chart technical analysis
Copper future on last trading session closed at 411.7 with gain. On daily chart, copper future price trend and momentum both are down. Copper future is trading below its 3-month average with strong recovery patterns on indicators. For next week, 410 is first support of week and 1 month averages and below it, 400 rupee will be next support level. On upside 418 and 432 are strong resistances. 418 is 3-month average level and major resistance for this downtrend. Indicators are with strong recovery patterns suggesting bullish breakout ahead.
Traders above 400 rupee levels keep buy on dips view for targets 418 and above it 432.
copper weekly chart technical analysis
Copper future this week closed with flat gains. On weekly chart, copper future price trend and momentum both are down. This week copper future hit high at 412 while low was at 404. Total 8-rupee range or 2% swing and closed flat. On upside 430 is copper 24 month average level and strong resistance and above it 434 is 12 month average and next resistance. On downside, 400 rupee and then 375 rupees are strong support levels. Weekly chart indicators patterns are bearish but still around oversold zone.
Investors above 400 rupee level can expect reversal so follow buy and accumulation strategy but with strict stop losses in place. 430-435 levels can be expected ahead.