Copper At a crucial juncture

Copper found resistance at the upper end of the Downward Sloping Channel and has seen a sharp fall thereafter. It is hovering around the medium-term support line. The bulls are likely to gain momentum if it manages to sustain above 2.55. On the upside, 2.57- 2.60 will act as a resistance in the near term. On the way down, the bears will be back in action if it closes below 2.49. It can drift lower towards 2.47-2.44, if it closes below 2.49. The momentum indicator has turned negative.


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