Mcx copper future this week closed with loss. Copper almost lost last weeks all gains and closed below its 3 and 6 moth average. On weekly chart, copper price and indicators patterns are bearish and suggesting downside for copper in upcoming weeks.
On pivot point chart, copper future is heading towards its pivot level of 341 rupee and that might be target zone for copper in next week. If mcx copper slips below 341-rupee level then expect another downside leg up to 333 rupee.
For next week, copper future support zones are 348 and then 341 while on upside 356 and 365 are strong resistances. This week volumes are above averages suggesting more downside for prices in short to medium terms.
Traders stay short for target 348 and then 341. Below 341 on weekly closing basis, traders can expect more panic and sharp downside up to 333 to 320. On upside 356 and 365 are fresh short entry zones on bounce back.