Technical analysis

Copper Wave Analysis – 15 June, 2021

• Copper broke support area

• Likely to fall to support level 425.00.

Copper recently broke the support area lying between the support level 443.00 (low of the previous corrections (iv) and A), 50-day moving average and the 50% Fibonacci correction of the upward impulse from the start of April.

The breakout of this support area accelerated the active impulse wave (iii) and C.

Given the strong of the aforementioned price area, acting as resistance zone after it was broken – Copper can then be expected to fall further toward the next support level 425.00.

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