Copper has completed 61.8% retracement of the entire fall from Rs434 to Rs418 odd levels. We are now expecting copper to resume its downward fall with a target of Rs413 in the immediate run. The metal is currently trading above its 20 and 40 day moving averages (DMA) of Rs420 and Rs419 respectively which shall act as support on the way down to Rs413 levels.Our subsequent target is near Rs404 levels, which is also the lower Bollinger band.
Key reversal levels are placed at Rs429 levels. The momentum indicators have had a negative crossover and
are expected to continue with their weakness.
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