COMEX copper had been falling in a channelised manner for the last few weeks. In the penultimate week, it broke out on the upside from that channel. A larger picture shows that the red metal has formed a triangular pattern. Recently, it has taken support near the lower end of the pattern and has started advancing. The short term momentum indicator has turned in favor of the bulls. As a result, copper can rise till the upper end of the triangular pattern ie $2.25 - beyond which a larger upside will open up. On the flip side, $2.12 will act as a crucial support.
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