MCX Copper daily chart technical analysis
Mcx copper future on last trading session closed with gain. On daily chart, copper price trend and momentum both are down. Prices are trading way below major averages with indicators in oversold zones.
For next week, mcx copper support zones are 390 and 375 while on upside 418 and 435 are strong resistances. 418 is 1-month average level and 435 is 3-month average level for copper future. On indicators, RSI is at 27 and off the low and CCI is -190 and off the low.
As prices are in oversold, state we can expect technical short covering up to 418 in next week. Any daily closing below 396 means another bearish move for targets 390 to 375.
MCX Copper weekly chart technical analysis
Mcx copper future this week closed with almost 1% drop. This was forth losing week for this metal and in these 4 weeks, prices are slumped from 460 to 400 rupee. This week copper future hit high at 408 while low was at 391. Total 17 rupee or 4% weekly price swing and downtrend continues.
On weekly chart, mcx copper support zones are 375 and 340 while on upside 420 and 430 are strong resistances. 430 is now 2 years average level and above it 441 is 12 and 6 month average zone. Weekly chart RSI is at 39 with bearish divergence. CCI is -129 and heading towards -200.
Investors below 430 keep bearish view and expect downside up to 380 to 350 in upcoming weeks.