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Copper bulls warming up

Copper on the way down had broken several crucial supports. However, the bulls have managed to absorb the selling pressure. Consequently, the red metal has entered a recovery mode. The price action seems to have taken the form of an accumulation triangle. Currently, the price is moving up from lower end of the pattern. The weekly momentum indicator has given a fresh buy signal. On the upside, the upper end of the pattern ie $3.27 will be the key level to watch out for. The swing’s low of $2.965 will be the key support on a closing basis.

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