MCX Copper price has been trading firmly for the past 7 weeks, as indicated by higher tops and bottoms. Last week the price witnessed a sharp bounce from short-term support near the Rs.400 level. The price looks headed towards immediate resistance near the Rs.421 level, which is also the target for the previous bottom. However, the resistance at the Rs.421 level could be stiff to breach, and the price could possibly head lower again after testing this level.
The 14-period RSI is currently holding below the 50 mark, and is heading towards the resistance line.
A failure to breach this trendline resistance could once again turn the momentum lower.