MCX Copper daily chart analysis
MCX copper future on last session closed at 444 with flat gains. On daily chart, copper price trend is down but recovering from lows after making low near 440. Trading below its 3-month average but formed bottom around 440.
For next week, mcx copper future support zones will be bottom of 440 and below that 432. While on upside has multiple supply zone but major ones are 452 and 458. Below 460 short terms outlook for copper future remain bearish and expect downside up to 440-432.
MCX Copper weekly chart analysis
MCX copper future this week closed flat positive. On weekly chart, mcx copper future is closed just above its 12-month average of 440. Below that, next major support on chart will be its 2 years average level of 430. On upside 470 and 490 are tops and major resistance levels from medium to long-term view. All these levels are important on weekly closing basis. Major indicators on copper weekly chart are with bearish divergences so expect correction to continue ahead.
For investors and swing traders, copper future remain sell below 470 top and may show lower levels up to 430-420 in upcoming weeks.