• Copper under the bearish pressure
• Likely to fall to support level 406.00
Copper under the bearish pressure after the earlier breakout of the support zone lying between the key support level currency pair under the bullish pressure today after the earlier breakout of the key resistance level 421.00 (which stopped the previous waves A and (i), as can be seen below) and the 61.8% Fibonacci correction of the previous upward impulse wave (1) from August.
Given the deterioration of the risk sentiment seen across the commodities markets today (on worsening economic data from China), Copper can be expected to fall further toward the next support level 406.00 (previous strong support from September and the target for the completion of the active wave C).
