MTECHTIPS MCX COPPER INTRADAY trading analysis 16-06-2016
DAILY:- Mcx copper in intraday will have strong resistance around 313 to 315 zone, keep short view here.
WEEKLY :- Mcx copper future this week closed at 301.45 with loss. This was second weekly loss for copper prices and in these 2 weeks period copper tumbled from 318 high to 298 lows. Lost 20 rupee and heading lower. Mcx copper weekly chart, price trend and momentum both are down. Copper hit my target of 299 and now next target will be 285 if slips below 299 and sustain below it. For next week, mcx copper will have strong resistances around 307 and 314. These are fresh short entry zones on bounce back. On downside 299 and 285 are target level. Commodity traders can hold shorts in copper future for target 299 and 285 with trailing stoploss above 307.