MCX Copper faced resistance near the 78.6% retracement mark. From there it has started falling down. A breach of the 20 day moving average (DMA; Rs428.5) and the 40 day exponential moving average (DEMA; Rs424) will confirm that a larger decline is on the cards. The daily momentum indicator having triggered a bearish crossover leads to the probability being in favour of the bears. Thus unless the high of Rs438.2 is crossed on a closing basis we will place the bias on the bears’ side. The targets on the downside are Rs403.5 (previous low) and Rs386 (50% retracement of the rise).

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