Technical analysis

Copper Wave Analysis – 09 November , 2018

  • Copper reversed from resistance area
  • Further losses are likely

Copper has been falling in the last few trading sessions after the earlier downward reversal from the resistance area lying between the strong resistance level 282.00 (which has been reversing the price from August) and the upper daily Bollinger Band.

This resistance area was further strengthened by the 38.2% Fibonacci retracement of the previous sharp medium-term downward impulse wave from the start of June.

Copper is expected to fall further and re-test the next key support level 265.00 (low of the previous wave (b) from the end of Octobers).

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