• Copper reversed the support zone
• Likely to rise to resistance level 450.00
Copper continues to rise after the price reversed up from the support zone located between the pivotal support level 420.00 (which stopped the previous intermediate ABC correction (2)), 61.8% Fibonacci correction of the upward impulse wave (1) from August and the lower daily Bollinger Band. The upward reversal from this support zone started the active short-term impulse wave 3.
Given the strength of the aforementioned support zone and improvement in risk sentiment as seen across the commodities markets today on China revival, Copper can be expected to rise further toward the next resistance level 450.00 (top of the previous waves B and 1 from November).