mcx copper future monthly technical analysis report april 2016

mcx copper future monthly technical analysis report april 2016 Mcx copper future is trading with loss for month of April. After last month weak and topped out pattern, copper prices falling towards support.     Mcx copper daily chart, price trend is bullish but momentum is weak on profit booking. Prices are at support of 318. Below it next support are 314 and 305. Below 318 copper given breakdown. On upside 334 and 338 are strong resistances. On weekly chart, trend and momentum both are bearish. Bounce back move is over and now price heading towards bottom support of 305 and 290. On monthly chart, mcx copper support zones are 310 and 280. Resistances are 332 and 343.     For April 2016, my view bearish for targets 312 and 303. Out of 312 is insight. On upside 328 is strong resistance and below it keep sell on rise view. Above 328, mcx copper resistance zones are 337 and 353.

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Pramod Baviskar

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