Copper Technical Analysis Report 04 December, 2020

  • Copper rising inside accelerated impulse wave 5
  • Likely to test the resistance level 370.00

Copper continues to rise inside the accelerated upward impulse wave 5 – which previously broke the resistance area located at the intersection of the resistance level 350.00 and the resistance trendlines of the two daily up channels from October and March respectively. The simultaneous breakout of these two daily up channels signalled the acceleration of the active impulse wave 5 – which belongs to the medium-term upward impulse since (3) from the end of October.

Given the strong multi-month uptrend and the strengthening risk-on sentiment on the expectation of the soon mass vaccination against the Covid-19 across the globe (which would indirectly stimulate copper demand) – Copper can be expected to rise toward the next resistance level 370.00 (target price for the completion of the active impulse waves 5 and (3)).

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