Technical analysis

Copper Wave Analysis – 20 August, 2021

• Copper reversed from support zone

• Likely to rise to resistance level 420.00

Copper recently reversed up from the support zone located between the round support level 400.00 (which has been reversing the price from March), 200-day moving average and the lower daily Bollinger Band.

This support zone was further strengthened by the 61.8% Fibonacci correction level of the previous upward impulse from January.

Given the prevailing uptrend, Copper can be expected to rise further toward the next resistance level 420.00 (former monthly low from the middle of July).

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