- Copper broke resistance level 330.00
- Likely to rise to 345.00
Copper continues to rise inside the sharp upward impulse waves (iii), 3 and (3) – which previously broke above the major resistance level 330.00 (which was set as the likely upward target in our earlier forecast for this instrument). The breakout of resistance level 330.00 follows the earlier upward reversal from the key support level 320.00 (former strong resistance level which stopped the previous impulse waves (1) and 1, as can be seen from the daily Copper chart below).
Given the sharp uptrend that can be seen on the daily Copper charts on the expectation of the increased demand in China – Copper is likely rise further in the active impulse waves 3 and (3) toward the next resistance level 345.00 (likely price for the termination of the active impulse wave (3)).