From the high of Rs.421.40 MCX copper has entered into a correction mode from short-term as well as medium-term perspectives. On the way down it has broken the lower end of the channel and the key daily moving averages (DMAs). Overall, the fall is breaking up into lower degree waves. Currently, it is forming a minor degree bounce, which is facing resistance near the key DMAs. This can be taken as an opportunity to initiate fresh short position. Targets on the downside will be the recent low (Rs359) and the 78.6% retracement mark (Rs.352). From the short term perspective, 40-day exponential moving average (380.30) will act as a crucial resistance on closing basis.
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