Copper May Witness Downtrend At Medium-Term Perspective
CommodityOnline | Apr 21, 2014 08:10AM ET
Copper is in a downtrend from the medium-term perspective. The fall is breaking up into lower degree waves. As a result the price has fallen below the multiple supports. However, the red metal has done a minor degree bounce to retest the medium-term rising trend line. From here copper is expected to resume with the larger downtrend. The key support is at the recent low of $2.87; the overall target on the downside is $2.73 ie the lower end of the medium-term falling channel. On the higher side, $3.20 will act as a strong hurdle.
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