• Copper reversed from support zone
• Likely to rise to resistance level 417.20
Copper recently reversed up from combined support zone located between the major multi-month support level 395.09 (which has been reversing the price from the start of March), lower daily Bollinger Band and the 50% Fibonacci retracement of the sharp upward impulse from last November. The upward reversal from this support zone stopped the previous impulse waves 3 and C).
Given the strong daily uptrend the improvement in risk sentiment as seen across the commodities markets today – Copper can be expected to rise further toward the next resistance level 417.20 (former strong support from the middle of August).
