Copper future daily chart technical analysis
Copper future on Friday closed at 433.1 with loss. On daily chart, Copper future is in downtrend and we saw lower level up to 424 rupees. Now recovered and hit high up to 441. Mcx copper future trading below major averages but with bullish divergences as well as signals on indicators and oscillators. For month of December, mcx copper future major hurdle is around 437 and prices already started to move towards resistance. Traders here watch breakout move above 437 and then expect sharp short covering rally up to 450 to 465. But if copper fails to cross 437 rupee level then expect downtrend continuation and fresh selling up to 421 to 408 rupees.
Copper future weekly chart technical analysis
Mcx Copper future this week closed at 433 with gain. Copper future is hovering around 430 rupee long term support. On weekly chart copper is trading below major averages in a tight range with bearish indicators. From medium to long term view, 430 will be crucial level to watch, above it expect uptrend continuation and higher targets of 500+. But if slips below 430 and sustain then expect fresh sharp selling and bearish target up to 388 rupees.
Copper future monthly chart technical analysis
Mcx Copper future in month of November closed with loss. This was second losing month for copper prices. In last 2 months, copper prices came down from 470 highs to low of 424 rupees. Means 46 rupee or almost 10% drop from the record highs. On chart 430 is major long term make or break level. Above it keep long view while below it keep bearish and sell on rise copper trading strategy.
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