Copper Technical Analysis Report 10 February, 2021

• Copper reached buy target 372.25
• Likely to test resistance level 390.00

Copper continues to rise sharply after the price broke the major resistance level 372.25 (which stopped the previous sharp impulse wave 1 at the start of January and which was set as the buy target in our earlier forecast for this precious metal) – which accelerated the active impulse waves (iii) and 3 from the start of February. Both of these impulse waves belong to the powerful multi-month upward impulse wave (5) from the end of December.

Given the overriding uptrend that can be seen on the daily Copper charts on hopes for the faster economic recovery in China – Copper can be expected to rise further toward the next resistance level 390.00 (target price for the completion of the active impulse wave 3).

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