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MCX copper has entered a pullback mode





MCX copper has entered a pullback mode from the low of Rs.293.50. It has started forming higher tops and higher bottoms on the daily chart. The base metal has bounced from the daily lower Bollinger band till the 20-day moving average (DMA). Once the key DMA, ie Rs.311.30, is crossed on closing basis the red metal can stretch higher. The daily momentum indicator has triggered a bullish crossover and the weekly momentum indicator is showing positive divergence. From short to-medium term perspective, the key levels on the upside will be Rs321 and Rs.327. On the other hand, the swing low of Rs.298.80 will act as a key support with major support at the low of Rs.293.50.

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