Mcx copper future weekly technical analysis report for 15 to 19 may 2017
Mcx copper future this week closed at 360 with gain. After last week’s sharp fall copper price seeing some short covering and hit high near 365 in this week. On daily chart, mcx copper future price trend is down while momentum is on recovery side. Look like taken support at 356 rupee levels. Below 356 next mcx copper future bearish target will be 341 rupees. On upside mcx copper future has resistances at 365 and 369 rupees. Which are fresh short entry zones for short sellers. On downside 356 and then 341 will be my mcx copper bearish target zones. From investment point of view,future in 2017 looking bad as it breached long term support of 360 and below 360 expect deep downside up to 303 in 2017.