According to Sharekhan's report, copper at the Multi Commodity Exchange has tested the rising channel resistance at Rs 201 and is currently trading at higher levels. The reversal level is pegged at Rs 208, targeting Rs 186 (21-daily exponential moving average), which is the initial support point.
Sharekhan's report
Copper at the Multi Commodity Exchange has tested the rising channel resistance at Rs 201 and is currently trading at higher levels. With negative divergence on intra-day and daily charts, it is expected that prices will correct in the short term. The reversal level is pegged at Rs 208, targeting Rs 186 (21-daily exponential moving average), which is the initial support point. Overall, the red metal is headed higher in the medium term and after the expected correction, the overall trend is expected to resume.
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