Copper Technical Analysis Report 16 November, 2020

• Copper under bullish pressure
• Likely to rise 330.00

Copper under bullish pressure today after the earlier breakout of the key resistance level 320.00 (top of the previous impulse waves (1) and 1, which was set as the upward target in our previous forecast for this instrument). The breakout of the resistance level 320.00 should accelerate the active impulse wave 3 – which is a part of the medium-term upward impulse sequence (3) from the end of last month.

Given the clear uptrend that can be seen on the daily Copper charts – Copper is likely rise further toward the next resistance level 330.00. Significant support now stands at the support level 320.00 – which can be used to initiate trend-aligned longs on subsequent downward Copper corrections.

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