Copper has been trading in a downward sloping channel and has reached the upper end of the channel. It is facing resistance at the 40-day moving average (DMA), ie at Rs420 and also from the upper trendline. If the trendline is broken on the upside and a closing above the trendlineis attained, then the metal can be expected to trade higher till the level of Rs428 which is the upper Bollinger Band. A daily negative close below the trendline will take the metal down to the lower end of the channel, ie to near Rs400 levels, which is also the lower Bollinger Band.
Copper Technical Comment For 31 Aug 2015
11 hours ago