Market Snapshots

Copper Wave Analysis – 04 Janaury, 2019

Copper Wave Analysis – 04 Janaury, 2019
  • Copper reversed from support area
  • Further gains are likely

Copper recently reversed up from the support area lying between the key support level 255.00 (which also stopped the sharp downtrend in the middle of August, as can be seen below) and the lower daily Bollinger Band.

The upward reversal from the support level 255.00 stopped the earlier short-term impulse wave 3 – which belongs to the medium-term impulse wave (C) from the end of September.

Copper is expected to rise further and re-test the next resistance level 265.00 (former support from November and December).

Source: FxPro

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