Copper: Wedge broken

MCX Copper was forming higher tops and higher bottoms.However the angle of ascent was declining, indicating loss of momentum. In terms of price pattern copper was forming an ending diagonal (blue) and has broken on the downside. The daily momentum indicator has triggered a bearish crossover. The base metal has broken the 20 day moving average (DMA), the 40 day exponential moving average (DEMA) as well as the swing low and thus has entered the downtrend. In the last session it has formed an Engulfing bear which is a bearish candle. The targets on the downside are Rs403.5 – 387.5. Reversal can be trailed to Rs433.



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