Mcx copper future in month of September, closed at 428 with loss. This was first losing month for mcx copper future after strong rally in august on profit booking. In September, mcx copper future hit high at 451.35 while recorded low of 417.3. Total almost 34 rupee month range and negative closing for mcx copper future on profit booking in month of September.
For month of October, mcx copper future below 432.8 is in bearish zone and remain weak. As current recovery move gives breakout above 432.8 and sustain then that will be start of fresh short term uptrend for targets 448 and 466 rupees.
On daily chart, mcx copper is in downtrend and below 432.8 will remain weak. On downside 415 and 398 are major support zones as well as target level if downtrend persists. On breakout above 432.8 expect bullish trend and upside targets for copper future. Daily chart RSI is at 56 with bullish divergence and MACD is at -6.5 with early bottomed out signals.
So metals commodity traders, watch 432.8 rupee level closely. If copper breakout above this then follow buy and accumulate view for bullish targets and if breakdown below it then follow sell on rise trading strategy for deep downside targets.