Copper (Comex): Bears keep upper hand

With the triangle breakout Copper reached near the 61.8% retracement mark ($4.02). At that level copper formed a reversal triangle (blue) to end the pullback. It broke out from the triangle on the downside and formed an impulse on the daily chart. The impulse got retraced till the 61.8% mark. From there copper has started its next leg down. This leg has achieved the equality target and is extending further. The weekly momentum indicator is in a bearish mode. The targets on the downside would be $3.38 - $3.21 ie 61.8% - 78.6% retracement marks respectively. Reversal can be trailed to $3.675.


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