• Copper reversed from key resistance level 258.00
• Further losses are likely
Copper continues to fall after the recent downward reversal from the key resistance level 258.00 (which also stopped the previous corrective wave (iv) in July, as can be seen below) – strengthened by the 50% Fibonacci correction of the previous downward impulse from June and the upper daily Bollinger Band.
The downward reversal from the resistance level 258.00 created the daily Japanese candlesticks reversal pattern Bearish Engulfing.
Copper is likely to fall further and re-test the next strong support level 270.00 (low of the previous impulse wave 1 from July).
