Copper Wave Analysis – 14 July, 2020

• Copper reversed from long-term resistance level 299,00

• Likely to correct down to 287,80

Copper recently reversed down with the long daily Shooting Star from the resistance area located between the long-term resistance level 299,00 (former monthly high from April of 2019) and the upper daily Bollinger Band.

The downward reversal from this resistance area started the active short-term corrective wave (ii).

Given the overbought reading on the daily Stochastic indicator – Copper is likely to correct down to 287,80– after which the price is likely to test the resistance level 300.00.