Copper Wave Analysis – 28 March, 2019

Copper reversed from support area
Further gains are likely

Copper recently reversed up from the support area lying between the key support level 285.00 (former resistance level which has been reversing the price from July), lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse 5.

The upward reversal from this support area started the active impulse wave (3).

Copper is expected to rise further and re-test the next resistance level 300.00 (top of the previous impulse wave (1) from February).

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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