Copper Wave Analysis – 12 April, 2019
April 12, 2019 @ 18:41 UTC
- Copper reversed from support area
- Further gains are likely
Copper recently reversed up with the daily Bullish Engulfing from the support area lying between the key support level 290.00 (which also reversed the price at the start of April), support trendline from January and the lower daily Bollinger Band. This support area created daily Morning Star earlier this month.
The upward reversal from this support area started the active short-term impulse wave 3.
Copper is expected to rise further and re-test the next resistance level 297.00 (which reversed previous waves (1) and 1).