Technical analysis

Copper Wave Analysis – 06 November, 2019

Copper Wave Analysis – 06 November, 2019
  • Copper reversed from resistance zone
  • Likely to fall to 262.00

Copper under bearish pressure after the earlier downward reversal from the resistance area lying between the key resistance level 270.40 (top of the daily Evening Star from September), upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous downward impulse from April.

The downward reversal from this resistance area stopped the earlier ABC correction 2 from September.

Copper is expected to fall further and retest the next support level – 262.00 (which reversed the price at the start of October).

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