MCX COPPER UPDATE: given swing targets 424 next target at 438 rupees
Mcx copper future is trading at 424 with almost 2% gains for the day. Today we saw gap up opening above previous close of 415 and after opening strong copper prices set on rally on strong follow up buying as well as short covering from trapped shorts. In intraday, we saw high above 424 and copper prices hit my august series first swing target of 424 and now above it next target will be around 438 rupees if prices sustain above 424 rupees.
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 413 rupee and below it 407 is 20 days average and 395 is 50 days average level and major support zones on daily chart. Mcx copper daily chart RSI is 67 and off the highs. MACD is at 7 but with bearish pattern.
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 and now achieved 424 rupee target on first day of week and now next target will be around 438 if rally continues.
Mcx copper weekly chart price trend and momentum both are strong bullish. Prices are trading way above major weekly averages and on downside 406 is 5 weeks average level below that 388 is 20 weeks average level and 374 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.
From investment point of view, mcx copper future in 2017 hit support of 362 and now in strong reversal move with bullish long term chart indicators which is suggesting upside for copper future and investment target is at 431 rupees. This week we saw high near 424+ rupees.