Mcx copper monthly-expect correction up to 379

Mcx copper monthly report for December 2016

Mcx copper monthly report for December 2016

Mcx copper future last closed at 399.5. Mcx copper price trend and momentum both are strong bullish and we saw high of 418 in month of November. Copper is coming off the high and entering correction phase though above 379 outlook remain bullish.   For month of December 2016, mcx copper above 379 remain bullish and buy on dips but current price and indicators pattern suggest correction up to 379. Below 379 on weekly closing basis, downtrend start for this major base metal and expect 340 as downside target on breakdown.   If sustain above 379 after correction then my reversal rally mcx copper month target is at 435 and then 474. Mcx copper weekly chart, price trend and patterns are still bullish and above 392 rupee, mcx copper will head towards my long term target 470 rupees.

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Pramod Baviskar

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