Technical analysis

Copper Wave Analysis 28 December, 2020

Copper Wave Analysis 28 December, 2020

• Copper reversed from support level 347.60

• Likely to rise to 364.20

Copper recently reversed up from the pivotal support level 347.60 (which has been reversing the price from the start of December, as can be seen below) – standing near the upper trendline of the daily up channel from June and the 38.2% Fibonacci correction of the upward impulse from November.

The upward reversal from the support level 347.60 started the active medium-term impulse wave (5).

Copper is expected to rise further toward the next resistance level 364.20 (top of the previous impulse wave (3)).

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