Copper broken down the rising channel

As can be seen from the adjacent chart, MCX copper tumbled down from 512.65 to 428.85. From the low of 428.85, the red metal retraced the entire fall till 50% retracement. The rally unfolded in a channelised manner. However, from the key Fibonacci level the red metal has started falling once again. It has broken down from the rising channel. The daily momentum indicator has given a fresh sell signal. Thus, the high of 474.40 will act as a key resistance. On the downside, the shortterm targets will be 458–449.