Copper: Probability in favour of bears

As can be seen from the chart, MCX copper faced resistance near a medium-term falling trendline. The weekly upper Bollinger Band was there to put additional pressure on the price. Consequently, from the high of 454.65, copper is tumbling down. The fall is unfolding in a channelised manner. Recently, it formed a minor-degree bounce that retraced 61.8% of the fall and faced resistance near the daily upper Bollinger Band. So the bulls have a strong hurdle ahead of them. Various technical parameters suggest that the hurdle is unlikely to get surpassed. Thus, unless the swing high of 447.40 is crossed on a closing basis, copper can fall towards 434.50–431.
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