mcx base metal weekly outlook : oversold on daily charts

mcx aluminium weekly forecast for 22 to 27 june 2015

Mcx aluminium this week closed with huge loss at 105.75. This week aluminium high was at 110 while low was at 105.5. Total 4.5 rupee range was seen and aluminium prices closed in red in successive second week. For next week 103.5 is first support and 98 are second support. These levels will be remain as target zones if trend continues. On daily chart indicators are oversold so short sellers must keep trailing stop loss to their positions.

mcx copper weekly forecast for 22 to 27 june 2015

Mcx copper future this week closed with loss at 360.4. This was seventh losing week for this commodity future. This week copper future hit high around 377 while low was at 359. Total 18 rupee range and closed with loss. On daily chart price trend is absolute down and indicators are bearish with oversold signals. Copper below 363 remain very bearish and targets will remain at 340 and 320 levels. Daily closing above 363 might trigger short covering or recovery rally in this base metal. Traders below 363 keep short view and trail stop loss to lock the profit.

mcx lead weekly forecast for 22 to 27 june 2015

Mcx lead future this week closed with loss at 113. This was third weekly loss for this base metal. This week lead future high was at 119 while low was at 112. Total 7 rupee weekly range and closed with huge loss. In these 3 weeks lead prices down by 12 rupees from the highs. Daily chart price trend and momentum both are bearish. Lead is trading below major averages on daily as well as weekly chart. For next week outlook remain bearish. On downside 111 is last support below it expect strong selloff for targets 100-102. As indicators are oversold, if sustain around 111 then it will be best buying opportunity with short to medium term view.

mcx nickel weekly forecast for 22 to 27 june 2015

Mcx nickel future this week closed with loss. This was first losing week for nickel prices after last 2 weeks gains. This week nickel future high was at 840 while low was at 801. Total almost 40 rupee weekly range and closed with loss. On weekly chart nickel prices resumed primary downtrend. Here downside is wide open for nickel future and this continuation pattern might show target up to 760 and below in next week.

mcx zinc weekly forecast for 22 to 27 june 2015

Mcx zinc future this week closed with heavy loss. This was third losing week for zinc future. In these 3 weeks period prices almost tumbled by 9 rupee plus. This week zinc high was at 136 while low was at 129. Total 7 rupee range and closed with loss. Zinc prices daily and weekly chart price trend and momentum both are bearish. Daily chart indicators are oversold.
For next week 127 is major support and any daily closing below it means sharp selloff. On upside 134 remain as strong resistance. Reversal at 127 levels will be best buying opportunity with short to medium term view.

The Author

Pramod Baviskar

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