EquityPandit’s Outlook for Copper for the week (April 08, 2019 – April 12, 2019)
Formation of classical head and shoulder pattern is visible in copper daily charts and any breakout may decisive. Technically on the daily charts we see minor support on the downside for Copper Mcx Future lies in zone of 440- 438 levels, where as minor resistance on the upside is capped around 455- 457 levels.
If Copper Mcx Future breaches minor support on the downside and closes below it we may see fresh break down and Copper Mcx Future can head towards major support on lower side around 430- 432 and if breaches minor resistance on the upside and closes above it we may see fresh breakout and Copper Mcx Future can head towards higher levels around 460- 462
Currently Copper Mcx Future is trading above 200 days exponential moving average and suggests long term trend is bullish.
EquityPandit’s analyst predicts range for the week is seen from 460- 462 on upside and 430 -432 on downside.