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Copper A bullish structure

As can be seen from the adjacent chart, MCX copper tumbled down from Rs512.65 to Rs428.85 in the last couple of months. From the low of Rs428.85 copper has started moving higher. On the way up it has crossed the key daily moving averages. The daily momentum indicator has triggered a bullish crossover. This shows that the bulls are having an upper hand on the commodity. Unless the swing low of Rs441 breaks the red metal can target Rs460 – Rs470 on the upside.

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