Market Snapshots

Copper Wave Analysis – 7 October, 2019

Copper Wave Analysis – 7 October, 2019
  • Copper reversed from support area
  • Likely to rise to 262.00

Copper recently reversed up with Japanese candlesticks reversal pattern Hammer Doji from the support area lying between the major support level 251.00 and the lower daily Bollinger Band.

The upward reversal from this support area stopped the earlier short-term impulse wave 3 from September.

Copper is expected to rise further and retest the next resistance level 262.00 (61.8% Fibonacci correction of the previous downward impulse wave).

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