Categories: Technical analysis

Copper Analysis 06 November, 2020

• Copper reversed from support level 302.30

• Likely to rise to 321.50

Copper continues to rise inside the medium-term impulse wave (3) , which started earlier from the support level 302.30 standing close to the 50% Fibonacci correction of the previous wave (1).

The upward reversal from the support level 302.30 created the tall daily Hammer – which highlights the strength of the support level 302.30.

Copper is likely to rise further toward the next resistance level 321.50 (top of the previous medium-term impulse wave (1)).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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