MTECHTIPS MCX COPPER INTRADAY trading analysis 08-03-2016
MTECHTIPS MCX COPPER INTRADAY trading analysis 08-03-2016
Mcx copper future for month of March, trading with gain. This will be second monthly gain for copper prices. In last month prices recovered from low of 301 to high of 326. Copper is trading above precious month high with bullish outlook. On daily chart, price trend and momentum both are strong bullish. On downside 323-317 and 314 are major short term average support zones. All major indicators are bullish and heading towards overbought zones. For month of March, copper future above 316 will remain bullish or buy. On upside expect targets of 332 and 341. Above 341 copper will turn super bullish for month. On downside below 316 expect downcycle or bearish trend and in that case support as well as targets can be expected at 307 and 291. Traders above 316 keep buy and accumulate strategy for copper and keep targets at 332 and then 341.
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