Sharekhan: Copper in a bearish phase
As can be seen from the adjacent chart, MCX copper formed a pull-back that retraced 50 percent of the entire fall. 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 triggered a bearish crossover. The red metal has broken the key daily moving averages (DMAs) on the way down and is consolidating in between 40-daily exponential moving average (DEMA) and the daily lower Bollinger Band. Unless the price crosses above 20-DMA the fall is likely to continue till 446-438.50.
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