Copper Wave Analysis – 18 February, 2020
February 18, 2020 @ 18:03 +03:00
- Copper reversed from resistance area
- Likely to fall to 258.00
Copper recently reversed down from the resistance area lying between the key resistance level 262.00 (former strong support from October, November and December), 38.2% Fibonacci correction of the sharp downward impulse from January and the upper daily Bollinger Band.
The downward reversal from this from the resistance area stopped the previous short-term ABC correction 2.
Copper is likely to fall further toward the next support level 258.00 (target price for the completion of the active short-term impulse wave (i)).