Copper future daily chart technical analysis
Copper future on Friday closed at 417.3 with loss. On daily chart, Copper future is in downtrend and trading below short term averages with bearish sell signals on indicators and oscillators. For month of January, mcx copper future below 427 rupee resistance level will remain weak and sell on rise. On downside 405 and then 391 rupees are short term target zones. Expect tend reversal and upside for prices above 427 rupee level only.
Copper future weekly chart technical analysis
Mcx Copper future this week closed with loss. This was second weekly loss for copper prices and in these 2 weeks we saw high of 441 and low of 415 rupees and prices closed near lows. Copper is trading below major weekly averages with bearish and oversold indicators.
For 2019, my medium to long term view, on copper future is bearish and below 438 rupee will remain sell on rise. On downside 385 will be first target zone and below that next level to watch will be 350 rupees.
Copper future monthly chart technical analysis
Mcx Copper future in month of December closed with loss. This was third losing month for copper prices. In last 3 months, copper prices came down from 470 highs to low of 415 rupees. Means 55 rupee or almost 12% drop from the record highs. Here investors can expect lower levels of 385 to 350 rupees in year 2019.
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