Copper future daily chart technical analysis
Copper future on Friday closed at 415.9 with gain. In this week we saw 4 up days and 1 down day for copper prices. Copper future after major breakdown given swing low of 397 and hit 398 rupee bearish swing target of January expiry now prices moving towards resistance of 422 rupees. We already saw high of 421 rupee and recovery target also almost meet. If copper prices breakout above 422 then expect bullish trend and upside targets of 438 and then 463 rupees till then it is just bounce back move.
Copper future weekly chart technical analysis
Mcx Copper future this week closed with gain. This was first big bullish week for copper future after last 3 weeks continues selling and record low of 397 rupees. On weekly chart copper prices are in downtrend but indicators are oversold so expect recovery ahead.
From long term view, copper future below 433 will remain weak and sell and on downside 375 and then 340 rupees are long term bearish targets. But as prices are oversold and current recovery move can touch 433 to 435 levels on upside. Weekly closing above 433 means trend change and bullish targets of 470 and above.
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