MCX Copper: Channel Breakdown

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MCX Copper 60 mins chart


Dr. Copper was moving precisely in a rising channel but the positive momentum was halted once this channel was broken. This is an indication of reversal in price action.

The metal is also trading below both it's short term averages on hourly basis indicating negative trend to emerge.

The summation is with break of channel and it's previous low, prices are more likely to sink.

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