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Copper heading for a breather

MCX Copper has fallen sharply in the last few months. However, the fall has halted at a level from where it had reversed in the recent past. Along with that copper has taken support near a medium-term rising trendline. Thus, the red metal looks poised for a short-term bounce. The daily momentum indicator is recovering from an oversold territory. Unless the swing low of 401.45 is broken, copper can move up till 420 (the 40- daily exponential moving average) and 425 (the daily upper-Bollinger-Band).

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