mcx copper weekly technical report for 27 june to 1 july 2016

mcx copper weekly technical report for 27 june to 1 july 2016 Mcx copper on Friday closed at 317.45 with loss. We saw strong selling around 320 and gap down opening on brexit news. Look like copper is topped out for short terms??     On daily chart, mcx copper price trend is bullish but momentum is turned in favors of bears so expect correction ahead. On downside 314.5 and 310.5 are short term support zone. On upside 322.5 is resistance as well as top for copper future. Below 310.5 short term trend will change to bearish side.     Mcx copper future weekly chart showing positive closing for second week. This week we saw strong rally from low of 306 to high of 322. Weekly chart price trend is down but momentum is on recovery side. 320-324 is strong resistance zone and below it expect downside for copper prices in medium terms. On downside 298 and 291 are weekly chart support zones as well as target levels if trend didn’t change.     For mcx tips by sms with support and follows visit our subscription page.

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Pramod Baviskar

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