• Copper reversed from resistance zone
• Further losses are likely
Copper today reversed down from the strong resistance zone lying between resistance levels 3.2660 and 3.3110 (which stopped the sharp upward impulse in December, as can be seen below). This resistance zone was further strengthened by the upper daily Bollinger Band.
The price previously reversed down from the same resistance area – creating the daily Japanese candlesticks reversal pattern Shooting Star.
Given the strength of the aforementioned resistance zone and the overbought daily Stochastic, Copper is likely to fall further toward the next support level 3.2330 (former resistance level from February).