MTECHTIPS MCX COPPER WEEKLY trading analysis 25-05-2015
Mcx copper future closed at 396.5 with loss. on daily chart copper slipped below its 1 month average and heading towards 3 month average. on upside 403 is 1 month average and on downside 390 is 3 month average and possible target for this correction. daily chart indicators are bearish and suggesting correction might get converted into downtrend in short terms.this week, copper future closed with heavy loss. this was third weekly loss for this commodity. this week copper future high was at 415 while low was at 394. total 21 rupees or 5% weekly swing and closed in red. weekly chart price trend is up but momentum clearly bearish. here also 390 is major support.for next week, below 395 expect start of bearish trend for price targets 380 and then on sell off 355. for short sellers 403 is trailing stop loss.