MCX COPPER in September-next bullish targets 456 and 471

Mcx copper future this week closed at 442 with gain. This was forth positive week for copper prices and in these 4 weeks prices moved from low of 405 to high around 445 so total 40 rupee rally in 1 month timeframe. This week mcx copper future hit high near 445 while low was at 429. Total 16 rupee range and positive closing on fresh buying and short coverings.

Mcx copper weekly chart price trend and momentum both are strong bullish. Prices are trading way above major weekly averages and on downside 423 is 5 weeks average level below that 396 is 20 weeks average level and 378 is 50 weeks average level and last support of this bullish trend. Weekly chart RSI level is 72 and entered into overbought zone with bullish divergence. MACD is at 14 with bullish crossover and had given buy signal at 378 rupees.

Mcx copper for month of September opened bullish and remain buy and accumulate above 429 rupee levels. On upside my series swing targets were 456 and 471 rupees if sustain and hold 429 rupee support.

On daily chart, mcx copper future price trend and momentum both are bullish. Price are making higher top and bottom patterns on chart and inching higher. Copper prices are trading above 5 days average of 436.5 rupee and below it 423 is 20 days average and 407 is 50 days average level and major support zones on daily chart. Mcx copper daily chart RSI is 81 and inching higher in overbought zone suggesting Bull Run of this metal commodity. MACD is at 10 but with fresh strong bullish pattern.

From investment point of view, mcx copper future in 2017 hit support of 362 and given strong reversal rally and hit my 2017 first investment target of 431 rupee and above it next target will be 488 rupee and we already saw high near 445 rupee this week. Now investors above 431 keep buy and accumulate view on copper future and expect long term target at 488 rupees.

In last 7 months, mcx copper future were down in 3 months while 4 are positive which now suggesting correction, then long term support testing  and then bull run towards investment targets 431 and 488 rupees. Out of this 431 is done and now heading for 488 rupees. From June low of 358 we saw almost 90 rupee gain in copper prices to high of 445 in august series. In august also copper hit low at 402 while high was near 445 means 43 rupee range or 10% plus move from lows.

The Author

Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.
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