MTECHTIPS MCX COPPER INTRADAY trading analysis 28-06-2016
DAILY:- Mcx copper looking strong bullish and above 320 expect much higher levels. All these Chinese copper exports are probably going to the LME so there are market fears that rising LME copper inventories will weigh on sentiment.
WEEKLY :- 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.