Copper future technical analysis for 19 to 23 November 2018.
Copper future daily chart technical analysis
Copper future on Friday closed at 442.9 with gain. On daily chart, Copper future is in downtrend and we lower level up to 425 rupees in this week, which was its bearish swing target. Now recovered and heading towards 447 rupee resistance level. Copper future below 447 will remain weak and sell for Targets 425 and then possibly 412 rupee. If this bounce back move goes above 447 and sustain then expect reversal of trend and short covering rally up to 459 and above.
Mcx copper daily chart stochastic indicators is oversold and suggesting price recovery ahead while MACD made temporary bottom and suggesting upside for prices in next week.
Copper future weekly chart technical analysis
Mcx Copper future this week closed at 442.9 with gain. In last 3 weeks copper prices stuck in between 430 to 450 rupees. On weekly chart, copper future is looking weak and below 429 expect sharp fall in prices and expect targets around 388 and below in longer terms. On upside 450 to 470 will be major supply zone and hard to cross for the prices. If copper takes 470 with breakout then expect rally up to 505 rupees.
Mcx copper weekly chart, stochastics is above 50 but with bearish crossover and given sell signal around 465 while MACD is below zero and flat. 429 will be major make or break level for copper futures.
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