Copper Bears take charge
The pullback in Copper fizzled out at the 50% retracement level of its previous fall and the red metal corrected sharply thereafter. More importantly, copper breached the low of $2.60 from where it saw a meaningful bounce indicating that the next leg of the down-move has started, which should drag the red metal lower towards 2.40 in the short to medium term i.e. the equality target of its previous fall. On the way up, the 40-DEMA of $2.68 shall now act as a crucial resistance level in the forthcoming trading sessions. Any minor degree shall be considered as a selling opportunity as long as it does not close above $2.68. The daily momentum indicator is bearish.
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