MTECHTIPS MCX COPPER WEEKLY trading analysis 12-05-2015
Mcx copper future on last trading session closed at 413.9 with loss. on daily chart, copper future price trend is up but momentum is losing out and commodity going through consolidation phase. daily chart indicators pattern are suggesting correction as well as consolidation in next week.for next week, 396 is major support and above it keep buy on dips view for copper futures. on upside 424 and 427 still as targets for month of may 2015. fresh buying suggested near 396 only for better risk reward. any daily closing below 396 means bearish trend for month of may and lower targets of 384 and below.mcx copper future this week closed with loss. weekly chart price and indicators patterns suggesting correction ahead. from medium to long term view, copper if slips below 400 rupee on weekly closing basis then expect 375 and previous low of 340 rupee once again.