Copper Technical Analysis 27 October, 2021

• Copper broke support zone
• Likely to fall to support level 428.20

Copper continues to fall after the price broke the support zone lying between the key support level 446.25 (which stopped the previous sharp impulse wave (a) earlier this month, as can be seen from the daily Copper chart below)) and the 50% Fibonacci correction of the upward impulse 3 from the end of September. The breakout of this support zone accelerated the active short-term corrective wave 2.

Given the strongly bearish sentiment seen across the commodities markets today, Copper can be expected to fall further toward the next support level 428.20 (target price for the completion of the active wave 2).

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