• Copper reversed from support zone
• Likely to rise further
Copper recently reversed up from the support zone lying between the support level 270.00 (which also stopped the previous minor impulse wave 3 in the middle of July) and the lower daily Bollinger Band.
The upward reversal from this support zone started the active minor impulse wave 1 which belongs to the long-term impulse wave ①.
Given the bullish divergence on the daily Stochastic indicator – Copper is likely to rise further and re-test the next resistance level 287.60 (top of the earlier wave (iv)).