Copper: Bears geared up

MCX Copper has been forming higher tops and higher bottoms. However the angle of ascent is declining over the last few months. In terms of price pattern copper has formed an ending diagonal (blue) and has broken on the downside. The daily momentum indicator has triggered a bearish crossover. Thus the upside looks capped at the high of Rs440.4. On the other hand, a breach of 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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