Mcx copper outlook for next week 12 to 16 Dec. 2016
closed at 396.25 with loss. This was second weekly loss for copper prices and in these 2 weeks we saw some profit booking. . On downside 380 rupee is major support zone for copper future and current price pattern suggesting correction up to those levels before next major move. Above 380 rupee remain bullish and trading strategy remain buy on dips.
For next week, my view on mcx copper is bearish below 399 rupee levels and my targets are 388 and 380 rupees.
, achieved its target of 392 rupee. Rally was started from 300 rupee and trend change was seen at 342 rupee level.
From long term view, my mcx copper outlook is bullish and above 392 my next target will be 470.