Analyzing the long-term trend of Copper futures, we see prices were trading in between 2-parallel lines, ever since it formed bottom at 138.55 in Dec. 2008. However, recently prices have breached its support from above and were seen consolidating, but have breached its crucial support of 386, indicating that the bull-rally is has stalled. On the Indicators: 14-week RSI is currently trading below 50, after breaching its long-term Support line from above and have been trading below the same. Momentum indicator MACD has moved below the neutral zero line while its deviation line already in the negative territory. (Both indicators showing signs of a corrective trend in the near-term). On Moving Averages: Prices are trading well below its 10-week SMA & 20-week SMA, with the short-term SMA diverging with long-term SMA almost around the same level. Also prices are trading well below their 100-day & 200-day SMA with 100-day SMA line trading well below 200-day SMA line and is also acting as strong resistance at reversals, adding further support to our corrective view. In the near-term, Copper holds Strong Support at 386 levels... Selling is advised on below 385 and then on upside rallies, for targets 341, 303 and MAX-to-MAX 264, with Resistance holds at 420 and 430.

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