MCX Copper June futures on last Friday slipped down below 200MA on both daily(366.8) and hourly(366.7) charts. However around the market close, managed to close above 200MA on both the timeframes it is a short term bullish setup as responsive buyers shown support on Friday low around the 361 mark.
Pullback came sharply around 6p.m IST on last Friday. On Monday trading session 365.6 will remains the key support zone expected trading range will be around 361 – 371. Bias holds positive for Monday trading session. Price moving below 365 will change the sentiment to completely negative on both short and very short term requires a sustianable move above 366 for the trend to remain positive.