• Copper reversed from support level 444.00
• Likely to rise to resistance level 470.00
Copper recently reversed up from the support level 444.00 (which has been reversing the pair from the end of April) – strengthened by the lower daily Bollinger Band and by the 50-day moving average.
The upward reversal from the support level 444.00 stopped the previous short-term ABC correction 2.
Given the sharp uptrend – Copper can then be expected to rise further toward the next resistance level 470.00 (top of the previous correction (b)).
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