Mcx copper future is trading around 437 with gain. Today we saw intraday high at 438.4 and mcx copper future achieved my given second swing target of 438 rupee. This month we saw low around 402 and high was above 438 so total 36 rupee profit per lot in long call now and copper achieved my second swing target exactly on last day of month of august .
Mcx copper for month of august opened strong bullish and was buy and accumulate above 400 rupee levels. Taken support at 402 just above 400 and given strong continuation rally. On upside my series swing targets were 424 and 438 rupees. Mcx copper hit 424 target and today we saw copper prices done 438 also.
Mcx copper daily chart price trend and momentum both are strong bullish. Prices are trading way above major weekly averages and on downside 430 is 5 days average level below that 419 is 20 days average level and 404 is 50 days average level and last support of this bullish trend. Daily chart RSI level now at 76 with bullish patter but highly overbought. MACD is at 9 with strong bullish crossovers.
On weekly chart, mcx copper future price trend and momentum both are bullish. This become forth gaining week for copper prices if closes with gain. Price are making higher top and bottom patterns on chart. Copper prices are trading above 5 weeks average of 419 rupee and below it 395 is 20 weeks average and 378 is 50 weeks average level and major support zones on daily chart. Mcx copper daily chart RSI is 70 and entering in overbought zone. MACD is at 13 and with strong bullish pattern.
From investment point of view, mcx copper future in 2017 hit support of 362 and now given reversal above but long term chart indicators are now bullish and suggesting upside for copper future and investment target is at 431 rupees. Last week we saw high near 431 rupees and 2017 first investment target of copper is done. Above 431, next target will be around 488 and long term investors must watch for weekly or monthly breakout above 431 for upside long term target. And now if sustain above 431 then expect 488 in next 1 to 3 months period.
In last 7 months, mcx copper future were down in 4 months while 3 are positive which now suggesting long term bottom formation and bull run achieved 431 investment target and now heading for next long term target of 488 rupee. in last 3 months copper prices rallied from low of 358 to high of 438 rupee so 80 rupee or 22% gains for copper in last 3 month period.