Copper weekly tips 14 to 18 April 2014
Copper daily chart technical analysis
Mcx copper on last trading session closed at 407 with gain. On daily chart, copper future price trend and momentum both are bearish but copper prices are building base around 405. Copper is trading below month and 3-month average with recovery patterns on indicators.
For next week, copper future support zones are 402 and 394 while on upside 408 is 1-month average resistance and 425 is 3-month average resistance level. Indicators are off the lows and forming bullish patterns.
Traders above 394 keep buy on dips view for targets 408 and then 425.
Copper weekly chart technical analysis
Mcx copper future this week closed with gains of 1.5%. Copper price weekly chart price trend and momentum both are down. This week copper future hit high at 411.7 while low was at 399.25. Total 12 rupee or 3% weekly swing for copper and closed with gain. From medium to long-term view, copper future support zones are 400 and 375, which are previous swing lows. On upside 430 and 434 are strong resistances. 430 is now 2 years average level and 434 is 12 and 6 month average level. Weekly chart indicators patterns are turning bullish.
Investors below 430 keep short view but right now expect technical bounce back up to 430 with strict stop loss below 394.