Mcx copper monthly-remain sell for target 353 and 338

Copper future monthly outlook June 2017

Mcx copper future in month of May closed at 368.4 with loss.
This was forth losing month for copper prices and in these 4 months we seen
drop from top of 415 to lows of 353. This month copper future recorded low at 353
while high was around 385. Total 32 rupee or 8.31% range and closing near
middle with flat loss.
For month of June 2017, mcx copper future outlook remain
bearish below 369 level on daily closing basis. Daily chart price pattern as
well as indicators are bearish and suggesting downside for this base metal king
in June series.
Below 369 my mcx copper positional sell targets are 353 and
then 338. If gives reversal and sustain above 369, then remain bullish and
might head towards 384 and 400 levels.
Base metal Commodity traders below 369 keep shorts with stop
loss above major top of 374 and keep targets at 353 and then 338 for month of
June 2017. 

From long term view, copper future correction move tested
support 362 rupee and below it on weekly closing basis, expect long term
downtrend and bearish target of 2017 at 305 rupee.
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