Technical analysis

Copper Wave Analysis 9 October, 2020

Copper Wave Analysis 9 October, 2020

• Copper rising inside impulse wave 3

• Likely to test the resistance level 312.00

Copper continues to rise after the earlier sharp upward reversal from the support area located between the key support level 280.00, lower daily Bollinger Band and the 38.2% Fibonacci retracement of the earlier upward impulse from May.

The upward reversal from this support area started the active short-term impulse wave 3 belonging to the impulse sequence (3) from August.

Copper is likely to rise further toward the next resistance level 312.00 (top of the previous impulse wave 1 from September).

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