Mcx base metals year 2017 outlook

Mcx aluminium year 2017 outlook

Mcx aluminium 2017-heading for bullish targets 126-137

Mcx aluminium future this week closed with gain. This was second positive weekly closing for aluminium future. In these 2 weeks aluminium future rallied from low of 114 to high of almost 124. Total 10 rupee or 8% move in short terms and strong closing for aluminum prices. For 2017, mcx aluminium above 112 remain bullish and buy on dips. My long term targets are 126 and then above it 137. Aluminium is almost at 126 rupee and near achieving its 2017 first target. Below 112, on weekly closing basis aluminum turn bearish for 2017, and downside support as well as target zones are 101 and 87 rupees.   Mcx copper year 2017 outlook

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 year 2017 outlook

Mcx lead 2017-bullish breakout above 139 for targets 172-208

Mcx lead future this week closed with huge gains at 156.6. This was second weekly gains for lead prices and in these 2 weeks mcx lead future rallied from low of 134 to high of almost 157 rupees. Total 23 rupee or 17% gains in 2 weeks means super bullish run and strong closing for this base metal. On upside 172 and then 208 are mcx lead 2017 target zones and lead already started trending towards it at start of 2017.   Mcx nickel year 2017 outlook

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, mcx nickel will enter bearish trend and head for targets 530 and 375.   Mcx zinc year 2017 outlook

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.

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Pramod Baviskar

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