mcx copper breakout heading for my target 402

Mcx copper technical analysis

Mcx copper technical analysis

Mcx copper future is trading at 395 and hit high near 396. Mcx copper as expected given breakout above 384 and heading for my given target of 402. Above 402 next target will be 428 will be next major resistance as well as target zone soft copper prices. Expect some retracement for fresh long entry in copper future for those who missed the bus. On downside 387 and 382 are support zones and buying levels on correction.   Mcx copper daily chart suggesting if copper get above 392 rupee level then this rally will last up to 427 rupee zone. From long term view, mcx copper already started journey towards my long term target of 431 and 488 rupees for 2017.   Mcx copper weekly chart showing second positive week for prices and breakout above 394 rupee for target 429+.

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Pramod Baviskar

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