MCX copper weekly analysis 17-21 February 2014

MCX copper daily chart analysis

MCX copper future last closing price was at 445.8 with loss. On daily chart copper prices, trend and momentum both are bearish and after sell off consolidating in very narrow range.

On daily chart, mcx copper future supports are 442 and then 434 while on upside expect resistances at 455 and then 462. 455 is mcx copper future 3 month average level and below it copper trading strategy will remain sell on rise. Daily chart indicators are with bearish divergences and heading lower.

Short-term traders below 455 keep sell on rise view but as prices resilient near 440 so any correction will be buying opportunity for technical bounce back up to 455.

MCX copper weekly chart analysis

MCX copper future this week closed flat positive. This week mcx copper future low point was 441 while high was at 447. So only 6 rupee weekly swing or 1.5% range and closed flat suggesting consolidation after correction.

On weekly chart, mcx copper future still holding its 12-month average of 440 and trading above it. Below that 430 is 2 years average zone and next major support level on weekly chart. On upside expect resistance at 452 and then 470. Copper weekly chart indicators are also near supports zones.

Swing traders and investors above 440 expect bounce back up to 452 to 470. However, any weekly closing below 440 will be fresh shorting opportunity for target 430-416 on downside.

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Updated: 16/02/2014 — 6:43 PM

The Author

Pramod Baviskar

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