• Copper reversed from support area
• Likely to reach resistance level 417.20
Copper recently reversed up from the support area lying between the pivotal support level 400.00 (which has been reversing the price from the start of March), lower daily Bollinger Band and the 50% Fibonacci correction of the previous upward impulse from the end of January. The upward reversal from this support area started the active minor impulse wave (iii).
Given the strong daily uptrend and the improvement in risk sentiment as seen across the commodities markets today – Copper is likely to rise further toward the next resistance level 417.20 (which reversed the previous waves (i) and (b)). Strong support remains at the support level 400.00.