Copper Technical Analysis Report 17 December, 2020

  • Copper reversed from support area
  • Likely to rise to 362.80 and 380.00

Copper continues to rise inside the upward impulse wave (5) which started earlier from the support area lying at the intersection of the support level 345.00 and the upper trendline of the extended daily up channel from April (acting as the support now after it was broken by the previous sharp upward impulse wave (3)). The active impulse wave (5) is a part of the longer-term upward impulse sequence ③ from the start of October.

Given the predominant uptrend and the growing risk-on sentiment across the global commodity markets  – Copper is likely to extend the gains toward the next resistance level 362.80 (top of the previous impulse wave (3) from the start of December) – followed by the resistance level 380.00.

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