Mcx aluminium 2017-heading for bullish targets 126-137
Mcx copper 2017-remain buy above 361 for targets 431 and 488
Mcx copper future this week closed at 405 with strong weekly gains. This was third gaining week for copper prices and in these 3 weeks copper rallied from low of 365 to 405. On long term chart, mcx copper looking bullish and remain buy for 2017 above 361 support zone. On upside 431 and 488 are resistance zones as well as target levels for 2017. Weekly closing below 361 means long term breakdown for copper and bearish targets of 304 and 240 rupees.
Mcx lead 2017-bullish breakout above 139 for targets 172-208
Mcx nickel 2017-above 675 targets are 831-976
Mcx nickel future this week closed at 711.2 with flat gains. We saw high volatility in this week and narrow closing. This week nickel hit high around 725 while low was around 661. Total almost 65 rupee range in 1 weeks which almost 10% of price and flat positive closing. This was second positive week for nickel future. For 2017, mcx nickel major support zone is 675 rupees. Above it trend and long term outlook remain bullish and upside targets are 831 and 976. Below 675,and head for targets 530 and 375.
Mcx zinc 2017-above 157 remain buy for targets 219 and 265
Mcx zinc future this week closed at 189.55 with gain. This was third weekly gains for zinc prices and in these 3 weeks zinc future rallied from low of 166 to high of almost 190. Total 24 rupee or almost 15% gains in very short time and strong positive closing. For 2017, mcx zinc technically remain bullish above 158 rupee support level. On upside 219 and 265 are target zones as well as main long term resistance levels. Weekly closing below 158 means bearish breakdown of zinc for 2017 and in that scenario expect lower levels up to 114 to 90 in longer terms.