Mcx copper weekly-resumed downtrend hit 365.4

Mcx copper future weekly technical analysis report for 29
may to 2 June 2017

Mcx copper future this week closed at 367.4 with flat loss. After
last 2 weeks strong buying as well as short covering rallies, copper future hit
bullish target of 374 but failed to sustain gains on news flow.
On daily chart, looks weak as given reversal from 372
resistance and hit low near 365. On downside 362 and 356 are support as well as
target zones for next week if downtrend persist. On upside 372 and 375 are
resistance zones. Below 372 on daily closing basis out will remain bearish. In extreme
situation expect copper to breach recent lows.

From investment point of view, mcx copper future in 2017 hit
support of 362 and now look like heading to test 362 again.

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Pramod Baviskar

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