Copper Wave Analysis – 03 February, 2020

Copper reversed from support area
Likely to rise to 256.00

Copper recently reversed up sharply from the support area lying between the lower weekly Bollinger Band and the strong support levels 252.00 and 250.00.

The upward reversal from this support area stopped the earlier intermediate impulse sequence (3) from the start of January.

Given the oversold weekly Stochastic – Copper is likely to rise further toward the next resistance level 256.00.

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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