Categories: Technical analysis

Copper Wave Analysis – 10 July, 2020

• Copper approached major resistance level 288.50

• Likely to correct to 276.80

Copper has been rising sharply in the last few trading sessions – in line with our earlier report for this trading instrument.

The price is currently approaching the major resistance level 288.50 (former multi-month resistance level from January).

If the price fails to close this week above the resistance level 288.50 – Copper can then correct down to the next support level 276.80 (considering the prolonged overbought reading on the daily Stochastic indicator).

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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The FxPro Tech Analysis Team
Tags: Copper

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