• Copper reversed from support area
• Likely to rise to 246.40
Copper recently reversed up from the support area lying between the support level 239,00, lower trendline of the daily up channel from April and the 50% Fibonacci correction of the previous upward impulse from the middle of May.
The upward reversal from this support area accelerated the active impulse waves (iii) and C – which belong to wave (4) from March.
Copper is likely to rise further in the active impulse wave (iii) toward the next resistance level 246.40 (top of the earlier daily Bearish Engulfing).
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