Copper (Comex): Bears having upper hand

With the triangle breakout copper formed a third leg on the upside, which achieved its equality target ($3.9). The base metal also reached near the 61.8% retracement mark ($4.02). Since then it has resumed with the medium term downtrend. It is forming impulses on the downside. The weekly momentum indicator is in a bearish mode. The red metal has formed a ‘Popgun’ pattern and the breakout level for that is $3.238. The other end of the pattern ($3.478) will act as a key resistance. The targets on the downside would be $2.994, ie the previous low, and $2.58, ie the equality target.