Mcx base metals January 2017 outlook

Mcx aluminium monthly-keep targets 118-121

Mcx aluminium monthly-keep targets 118-121

Mcx aluminium future this week closed flat at 115.1. On daily chart, aluminium prices are in downtrend but near major support. On upside 116.2 is major hurdle while on downside 113.1 is major support zone. Here keep buy and accumulate view and expect breakout above 116.2 for January swing targets of 118 and then 121. Mcx copper monthly- remain buy for tgts 383 and 402

Mcx copper monthly- remain buy for tgts 383 and 402

Mcx copper this week closed at 376.55 with gain. This was second positive week for copper prices. Mcx copper prices are in bearish trend but hit bottom at 365 which is major downside support. For month of January 2017, mcx copper below 384 remain weak and sell. But current price pattern suggesting recovery rally towards 383 rupee. Above 383 trend will be bullish and positional targets will be 402 and 428. Mcx lead bearish and oversold major hurdle 145

Mcx lead bearish and oversold major hurdle 145

Mcx lead future this week closed at 136.15 with gain. Mcx lead in last 3 weeks given sharp fall on profit booking. For month of January, lead future below 145 remain weak and sell on rise but daily chart indicators are bearish and oversold. On downside lead have support zones around 125 and 114 and these are also target zones if downtrend persist. Uptrend start only above 145 rupee level on daily closing basis. Mcx nickel below 722 remain sell tgts 645 and 500

Mcx nickel below 722 remain sell tgts 645 and 500

Mcx nickel future this week closed at 685 with loss. This was sixth losing week for nickel future and in these 6 weeks nickel prices slumped from 821 highs to lows of 677 rupees. Total 150 rupee loss in short period. In January series, nickel prices might continue downtrend and technically below 722 rupee remain weak and sell. On downside my positional targets are 645 and then 600 rupees. Mcx nickel daily chart indicators are oversold but weekly chart indicators are bearish and suggesting deep downside for nickel prices in 2017. Mcx zinc below 178 remain weak targets 163 and 152

Mcx zinc below 178 remain weak targets 163 and 152

Mcx zinc future this week closed at 173.2 with gain. Zinc prices are recovering after sharp correcting from 205 to 166 rupee levels. But for month of January, below 178 rupee level, zinc future will remain weak and absolute sell. Daily chart price pattern is weak and indicators are oversold and suggesting downside for zinc prices in short terms. Expect strong short covering rally up to 189 to 203 above 178 rupee level on daily closing basis.

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Pramod Baviskar

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