MCX Copper daily chart technical analysis
MCX Copper on last trading session closed at 403.5 with gain. on daily chart, copper future trend and momentum both are very bearish. Prices are trading way below major averages and in oversold zones.
For next week, mcx copper resistance levels will be 409-418 and 430. On chart, 430 is mcx copper 1 month average zone. On downside, expect supports at 400 and 390 levels. These are targets for next week if downside continues with follow up short accumulation. As indicators are in much oversold zone, traders only go short near resistance levels for better risk reward ratio and keep strict stop losses in place.
MCX Copper weekly chart technical analysis
MCX Copper this week tumbled by almost 5% and this was third losing week for copper. In these 3 weeks copper prices slipped down from 450 to 400 so almost 12% drop over very short time. This week copper future hit high at 421 while low was at 397. Total 24-rupee price range or 6% volatility in week and selling continues in market.
On weekly chart, copper has resistance levels at 416 and 435. Out of which 435 is its 2 years average level and below it, long-term trend will remain bearish for this metal. On downside, 400 and 375 are historic support zones and targets in current scenario. Weekly chart indicators are in oversold zones so expect technical bounce back in upcoming weeks.