Copper: Be vigilant

MCX Copper has been forming higher tops and higher bottoms. Thus the trend for the metal is up. The daily momentum indicator is also in a bullish mode. However the angle of ascent is declining over the last few months.In terms of price pattern copper has formed an ending diagonal (blue). Thus a trend reversal could just be around the corner. The upper end of the pattern is Rs441.5. If that is crossed copper can touch the rising trendline (purple) ie Rs448. On the other hand, a breach of the 20 day moving average (DMA) along with the swing low (Rs428) will be a sign of trend reversal and in that case copper will be set for a significant decline. The initial target then would be Rs403.5.

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