Categories: Technical analysis

Copper Wave Analysis 28 January, 2021

• Copper reversed from support level 350.00

• Likely to rise to 370.00

Copper recently reversed up from the pivotal support level 350.00 (which has been steadily reversing the price from the start of December- as can be seen below) – standing near the lower daily Bollinger Band and the 50-day simple moving average.

The support level 350.00 was further strengthened by the 38.2% Fibonacci correction of the previous upward impulse from the middle of November.

Copper is expected to rise further in the active impulse wave (5) toward the next resistance level 370.00 (which stopped the previous impulse wave (3)).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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Tags: Copper

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