Technical analysis

Copper Wave Analysis – 30 October , 2018

  • Copper broke key support level 271.50
  • Further losses are likely

Copper recently broke through the key support level 271.50 (which has reversed the price multiple times from the start of October).

The breakout of the support level 271.50 continues the active short-term impulse wave C – which started previously from the powerful resistance level 285.00 – intersecting with the 38.2% Fibonacci correction of the weekly downward impulse (C) from July.

Copper is expected to fall further and re-test the next strong support level 260.00 (former strong support level from September).

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