Mcx copper future this week closed at 423.25 with gain. This was first positive week for copper prices after last 2 weeks selloff. This week mcx copper future hit high near 427.5 while low was at 417.1. Total 10 rupee range and positive closing on recovery and short coverings.
Mcx copper weekly chart price trend and momentum both are bullish. Prices are back around 5 weeks average after correction. On downside 404 is 20 weeks average support and below that 384 is 50 weeks average and long term support zone. Weekly chart RSI level is 61 and flat. MACD is at 14 with bullish crossover and had given buy signal at 378 rupees.
Mcx copper for month of September opened bullish and remain buy and accumulate above 429 rupee levels. On upside my series swing targets were 456 and we saw high of 451 rupee then sharp sell of taken prices to 429 and breakdown below it almost hit first bearish target of 415 rupee with swing low of 417 in this week. For next week watch recovery and breakout above 429 rupee level. If fails then another sharp wave of selloff will hit copper market and push prices to 415 to 387 rupees lows.
From investment point of view, mcx copper future in 2017 hit support of 362 and given strong reversal rally and hit my 2017 first investment target of 431 rupee and above it next target will be 488 rupee and we already saw high near 451 rupee, few weeks back. Now investors above 431 keep buy and accumulate view on copper future and expect long term target at 488 rupees.
In last 7 months, mcx copper future were down in 4 months while 3 were positive and now month of September is turned negative after strong opening and hitting high of 451 rupee. In September mcx copper future hit high of 451 and low was at 417 total 34 rupee range and negative candle for month.