Mcx copper future this week closed at 427.6 with gain. This was third positive week for copper prices and in these 3 weeks prices moved from low of 405 to high around 431. This week mcx copper future hit high near 431 while low was at 416.7. Total 14 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 413.5 is 5 weeks average level below that 392 is 20 weeks average level and 377 is 50 weeks average level and last support of this bullish trend. On upside 431 and then 488 are medium to long term resistance zones as well as my 2017 investment targets.
Mcx copper for month of august opened strong bullish and remain 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 heading for 438 next target and we already saw high of 431 this week.
On daily chart, mcx copper future price trend and momentum both are bullish. Price are making higher top and bottom patterns on chart. Copper prices are trading above 5 days average of 424 rupee and below it 415 is 20 days average and 401 is 50 days average level and major support zones on daily chart. Mcx copper daily chart RSI is 75 and off the highs. MACD is at 8 but with fresh 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. This 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.
In last 7 months, mcx copper future were down in 4 months while 3 are positive which now suggesting long term bottom formation and recovery rally towards investment targets 431 and 488 rupees.