Mcx copper future this week closed at 438.8 with gain. This was third positive week for copper prices and in these 3 weeks copper rallied from 417 to 442+. This week mcx copper future hit high near 442.35 while low was at 425.5. Total 17 rupee range and positive closing on trend reversal and bullish breakout.
Mcx copper weekly chart price trend and momentum both are bullish. Prices are now trading above 5 weeks average of 429.6. Below that 410 is 20 weeks average support and below that 388 is 50 weeks average and long term support zone. Weekly chart RSI level is 66 and with reversal rally signals. MACD is at 15 with bullish crossover and had given long term buy signal at 378 rupees.
Mcx copper for month of October opened bearish and hit low around 425 and then we saw strong reversal move and bullish breakout above 432.8 for bullish targets of 448 and 466 rupee. And this week we saw high of 442.35. Mcx copper above 432.8 rupee will remain bullish and buy and accumulate.