Technical analysis

Copper Wave Analysis – 4 June, 2021

• 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)).

Article Rating
Rate this post