Copper Technical Analysis 15 October, 2021

• Copper broke resistance zone
• Likely to rise to resistance level 487.90

Copper continues to rise inside the short-term impulse wave 3, which previously broke through the resistance zone lying between the resistance levels 460.00 (previous monthly high from July) and 468.50 (former resistance level from May). The breakout of this resistance zone is aligned with the multi-month uptrend that can be seen on the daily and the weekly Copper charts.

Given the increased expectations for the demand for Copper from China and the clear daily uptrend, Copper can be expected to rise further toward the next strong resistance level 487.90 (former multi-month high from May and the target for the completion of the active impulse wave 3).

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