Technical analysis

Copper Wave Analysis 5 April, 2021

Copper Wave Analysis 5 April, 2021

• Copper reversed from support level 393.60

• Likely to rise to resistance level 416.30

Copper recently reversed up from the pivotal support level 393.60, which stopped the previous waves 4 and 2

The support zone near the support level 393.60 was strengthened by the intersecting lower daily Bollinger Band, 50-day moving average and the 50% Fibonacci correction of the impulse wave 5 from February.

Copper is likely to rise further toward the next resistance level 416.30 (which stopped the previous waves 1 and (b) last month).

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