• Copper reversed from support area
• Likely to rise to 372.25
Copper recently reversed up from the support area set between key support level 351.00 (which has been reversing the from the start of December), lower daily Bollinger Band, 38.2% Fibonacci correction of the upward impulse from November and the upper trendline of the recently broken up channel from June. The upward reversal from this support area started the active impulse waves (3) and 1.
Given the improvement in risk sentiment as seen across the global commodities markets today after the new economic stimulus package was approved in USA Senate – Copper is expected to rise further toward the next resistance level 372.25 (top of the previous impulse wave (1) and the likely price for the completion of the active impulse wave 1).