MCX Copper Upside potential
The daily chart depicts that MCX copper is trading in a falling channel since mid-March. The base metal recently found support at the lower trendline of the channel and closed above the key Fibonacci retracement mark of 78.6%. Following the same, a bounce was observed and the red metal is currently trading near 40 DEMA. Once the 40 DEMA is breached on closing basis copper is expected to travel north till 736.00 which is the level of 20 DSMA as well as the upper trendline of the channel. The recent swing low of 685.10 will provide support to the base metal.