• Copper broke resistance level 420.00
• Likely to rise to resistance level 435.40
Copper recently broke the resistance level 420.00 (which stopped the previous waves (i), (b) and i in the middle of March and at the start of April, as can be seen from the daily Copper chart below). The breakout of the resistance level 420.00 was preceded by the breakout of the daily Triangle from the end of February – which accelerated the active impulse waves (iii) and 3.
Given the prevailing uptrend that can be seen on the daily charts – Copper can be expected to rise further toward the next resistance level 435.40 (monthly high from February and the target price for the completion of the active minor impulse wave (iii)).