• Copper under bearish pressure
• Likely to fall to support level 425.00
Copper under the bearish pressure after the price reversed down from the combined resistance zone located between the key resistance level 440.00 (which has been steadily reversing the price from the start of August, as can be seen from the daily Copper chart below), upper daily Bollinger Band and the 50% Fibonacci correction of the earlier extended downward ABC correction from the start of May. The downward reversal from this resistance zone stopped the earlier impulse wave (3).
Given the proximity of the aforementioned resistance zone – Copper can be expected to fall further toward the next support level 425.00 (which reversed the previous minor waves A and (2)). Strong resistance remains at the resistance level 440.00.