mcx copper price forecast for 6 to 10 may 2013

mcx copper price daily chart forecast

mcx copper future on last trading session closed at 394.55 flat native.on daily chart mcx copper future trend is down while momentum is on recovery side as heavily oversold.mcx copper 3 month average is 405 and first major resistance on upside while on downside 388 is month average and 385 is week average and downside targets on daily chart.

mcx copper daily cci level is +58 and with bullish divergence while copper daily rsi level is 48 and still below 50.

mcx copper price weekly chart forecast

mcx copper future in this week given 3%+ rally on short covering and value buying at bottoms.on weekly chart mcx copper future trend is absolute down while momentum is bullish on technical bounce back rally.

on chart major long term averages are 418-422 range and remain as strong resistances.below that 405 will be intermediate small resistance on weekly chart.on downside 380 and 365 are previous bottom support zones.on indicators side,mcx copper weekly cci level is –157 and still oversold while rsi is 41 and off the lows.

mcx copper price forecast for 6 to 10 may 2013

for next week mcx copper below 405 remain sell on rise.bounce back may continue but we may see selling +correction upto 380-374 levels again.if closed above 405 then exit all shorts and follow wait and watch mode.

from medium to long term view,still oversold so expect consolidation and then bounce back rally.but below 418 view remain sell on rise.

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Pramod Baviskar

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