Copper Technical Analysis Report 06 November, 2020

  • Copper rising inside impulse wave (3)
  • Likely to reach 320.00

Copper continues to rise after the earlier sharp upward reversal with the daily Japanese candlesticks reversal pattern Hammer from the support level 302.00 (former resistance from the end of September, which changed its role to support after it was broken in October and has been reversing the price since then) standing near the lower daily Bollinger Band and the support trendline of the daily up channel from April.

Given the clear daily uptrend – Copper is expected to rise further in the active intermediate impulse wave (3) toward the next resistance level 320.00 (top of the previous medium-term impulse wave (1) from the middle of October) – from where Copper will, most likely, correct down on profit-taking.

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