Mcx lead outlook for next week 12 to 16 Dec. 2016
closed at 156.2 with gain. Mcx lead future entered into downtrend and remain weak below 157.5 on weekly closing basis. This week we saw range trading in this base where upside was capped at 160 rupee while downside capped at 153 rupee. price as well as indicators are weak and suggesting sell.
For next week, mcx lead outlook remain bearish below 157 and my short sell targets are 152.5 and then 148.5.
From month view,given breakdown below 157.5 support and now will head towards month swing short target of 140 rupee. Below 140, mcx lead next major support as well as target will be 118 rupee.
Positional mcx lead traders keep shorts with trailing stop loss above 158 and expect targets at 140 and then 118 in month of December.