mcx copper forecast 16 to 20 June 2014

mcx copper forecast 16 to 20 June 2014

mcx copper daily chart technical analysis

Mcx copper future on last trading session closed at 400.85 with gain. On daily chart, copper future price trend and momentum both are down. Copper is in downtrend and trading below its month and 3 month averages with off the low indicators. On downside, 394 and 390 rupees are support zones while on upside 407 is 1-month average resistance and 412 is 3-month average resistance. Traders above 394 keep long view and expect copper to bounce back up to 407 to 412.

mcx copper weekly chart technical analysis

Mcx copper future this week closed with half a percent. This was first positive closing for week after last four negative closings. This week copper hit high at 403 while low was at 394. Total 9-rupee weekly range and closed with gain. Copper future weekly price trend and momentum both are down. On downside 390 and 375 are support zones while on upside expect resistances at 420 and 428. 428 is copper 12 and 24 month average zone. Investors can use 375-390 zones for buying as well as accumulation.

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