• Copper corrects from resistance level 420.00
• Likely to test support level 380.00
Copper continues to fall strongly after the price reversed down with the weekly candlesticks reversal pattern Shooting Star from the key resistance level 420.00 – standing well above the upper daily and eth weekly Bollinger Bands. The downward reversal from the resistance level 420.00 stopped the earlier weekly upward impulse wave (5) from the start of this year.
Given the strength of the resistance level 420.00, clear bearish divergence on the weekly Stochastic indicator – Copper is likely to correct down further toward the next support level 380.00 (which is the 61.8% Fibonacci correction level of the previous sharp upward impulse from January).