• Copper reversed from support zone
• Likely to rise to resistance level 440.00
Copper recently reversed up from the combined support zone set between the support level 410.00 (which has been reversing the price from middle of June) , lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from February. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Long-legged Doji – which stopped the previous sharp downward impulse wave C.
Given the strength of the aforementioned support zone , support can be expected to rise further toward the next resistance level 440.00 (which has been reversing this instrument from the middle of August – having stopped the previous waves 4, (1) and B).