• Copper reversed from combined support zone
• Likely to rise to resistance level 469.75
Copper recently reversed up from the combined support zone lying at the intersection of the support pivot 445.30 (which has been reversing the price from the end of April), lower daily Bollinger Band and the 50% Fibonacci correction of the previous upward impulse from May. The upward reversal from this support zone stopped the C-wave of the previous intermediate ABC correction (2).
Given the strong daily uptrend and the improvement in the rise sentiment seen across the commodities markets today Copper can be expected to rise further toward the next resistance level 469.75 (top of the previous wave B from the end of May).