copper forecast for next week 3 to 7 jun 2013

copper forecast for next week 3 to 7 jun 2013

 

copper daily chart technical analysis

mcx copper future on last trading session closed at 411.85 with flat loss.on daily chart mcx copper trend is bullish but momentum is mixed.

on chart trading above all short term average.on downside 411 is week average and first support.407 is 3 month and month average and last support from short term view.on upside 416-420 and 430 are short term resistances as well as upcoming targets.on indicators,momentum showing signs of fatigue which may turn into consolidation here.

copper weekly chart technical analysis

mcx copper future this week closed with almost 1% gains.on weekly chart closed near 2 years average resistance zone on upside 418 was 6 month average and 420 was 12 month average.all remain as strong resistances from medium to long term view.on downside 400 and 375 are support levels.on indicators trend and momentum still strong on demand side.

copper forecast for next week 3 to 7 jun 2013

for next week,mcx copper future above 407 level remain buy on dips and expect multiple targets at 416 then 420 and in last 430.below 407 on closing basis trend may change to bears side.

from medium to long term view watch 412 level on weekly closing basis.above it enter long from long term view with stoploss and expect 440-460 upside targets but below it this is only technical bounce back rally and a negative closing may trigger fresh long term sell signal once again.on downside 400 and 375 targets still open.

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Pramod Baviskar

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