Copper forms double top pattern
As one can see from the adjacent chart, MCX copper has formed a double top pattern on the four-hour chart. A negative diversion on the Relative Strength Index and the Moving Average Convergence Divergence indicates bearishness in the commodity. The other technical observations are: the Positive Directional Momentum Indicator and the Negative Directional Momentum Indicator are valued at 28 and (20) respectively, the Relative Strength Index is valued at 53 and the Momentum is valued at 5.75. On any rise till Rs434-435 one can sell for a downside target of Rs427-424 levels. Trade above Rs439 will negate the bearish view.