Technical analysis

Copper Wave Analysis – 27 November , 2018

  • Copper falling inside short-term ABC correction (ii)
  • Further losses are likely

Copper recently reversed down sharply from the resistance area lying between the key resistance level 280.00 (which has been steadily reversing the price from the end of July), 38.2% Fibonacci correction of the previous  downward impulse from June and the upper daily Bollinger Band.

The downward reversal from this resistance area continues of the active short-term ABC correction (ii) of the short-term impulse wave 3 from the middle of November.

Copper is expected to fall further and re-test the next support level 265.00 (low of the previous minor corrective wave 2).

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