MCX Copper Apr Fut may slip to Rs 415: Way2Wealth

Way2Wealth has come out with its technical report on Copper and Zinc. According to the research firm, one can utilize pullbacks in MCX Copper April Future for creating fresh shorts. According to chart pattern Rs 415 would be the initial target on downside.

MCX Copper Apr has confirmed its short-term bearish trend. It has developed a perfect text book pattern bearish “Head & Shoulder” on daily continuous chart and the break down has taken place at 442 levels. Now the support has become a resistance and suggesting one can create fresh short on retesting of neckline levels. Even though 434 levels will act as an immediate resistance on higher side, one can utilize these pullbacks for creating fresh shorts. According to chart pattern 415 would be the initial target on downside.

The daily RSI is pointing in negative territory & MACD has also gone into selling mode by giving a break down through the signal line.

MCX Zinc prices had made a contract high of 119.85 last week, but a subsequent fall and break below 116.75 (previous swing low) levels has dragged the prices in negative territory. From current levels profit booking is expected in zinc that can drag it towards its next support of 4430 levels. A sharp decline followed by a candle stick pattern “spinning top” on weekly charts also renders a bearish momentum on coming sessions. RSI-14 period is pointing in negative zone by giving a downward crossover.

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To read the full report click on the attachment

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