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MCX copper is trading in a trend channel on the one-hour chart

As one can see from the adjacent chart, MCX copper is trading in a trend channel on the one-hour chart. On either side breakout, one can expect a move of Rs.8 to Rs.10. Upside breakout level is Rs.418 and on the downside, the breakdown level is Rs.409. As per the expert trend locator (XTL), trade below Rs.413.50 will be a bearish signal and the stop-loss would be Rs.417.25. The other technical observations are Get-Commodity Channel Index (Get-CCI) is in a buying zone, Oscillator (5-35) is valued 2.7 is in bullish grip and the Relative Strength Index is valued 53.

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