• Copper broke the support area
• Likely to risfalle to support level 420.00
Copper recently broke the support area lying between the key support level 444.00 (which has been reversing the price from the end of April) and the 50% Fibonacci correction of the upward impulse from the end of March. The breakout of this support area accelerated the active short-term impulse wave C – which belongs to intermediate ABC correction (2) from the start of May.
Given the increasing pressure from China to lower copper prices – Copper can be expected fall further toward the next support level 420.00 (former resistance from March and April and the target for the completion of the active short-term impulse wave C).