Copper Technical Analysis Report 28 December, 2020

  • Copper reversed from support area
  • Likely to rise to 364.60

Copper recently reversed up from the support area lying between the key support level 345.00 (low of the previous correction 4 from the start of December), lower daily Bollinger Band, 38.2% Fibonacci correction of the upward impulse from November and the upper trendline of the wide daily up channel from May (acting as support atter it was broken by the previous impulse wave 3 in November).

Given the strong daily uptrend and the improvement in the risk sentiment seen across the global commodities markets after the approval of the US aid package – Copper is likely to rise further toward the next resistance level 364.60 (top of the previous minor impulse wave (3) from last week).

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