Mcx copper weekly-reversal and bullish breakout heading for 384

Mcx copper future weekly technical analysis report for 12 June to 16 June 2017

Mcx copper future this week closed at 377.15 with huge gains. Mcx copper future after last 2 weeks flat closing, triggered short covering rallies and closed at week high point. This week mcx copper hit low at 358 while high was at 377+. Almost 20 rupee rally and strong closing on short covering.

On daily chart, looks weak as given reversal from 358 bottom support and hit bullish targets of 369 and now heading for bullish swing target of 384 rupees.

On downside 369 and 353 are support as well as target zones if downtrend resumes. Below 369 on daily closing basis out will remain absolute sell for swing targets 353 and then 338 in June series.

From investment point of view, mcx copper future in 2017 hit support of 362 and now given reversal above but long term chart indicators are bearish and expect sharp downside after these bounce back moves.

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Pramod Baviskar

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