Mcx copper future this week closed with strong gains. This was third gaining week for copper prices and in these 3 weeks we saw almost 20 rupee or 6% gains in copper prices from lows. This week copper hit low around 310 while high was near 325. Total 15 rupee or 5% weekly range and strong positive closing on buying as well as short covering.
copper weekly chart price trend and momentum both are strong bullish. Prices are trading way above averages support. 318 and 317 are 13 and 6 weeks averages support zones. On upside 335 and 340 are previous tops as well as resistance zones in long terms.
Below 317, mcx copper given swing low near 309 and after consolidation given reversal breakout above 317 for target 328 which can be expected in next week. Above 328 next target will be 343 in medium term.
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