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Copper Wave Analysis – 08 March, 2019

  • Copper reversed from resistance area
  • Further losses are likely

Copper recently reversed down from the resistance area lying between the pivotal resistance level 296.00 (former multi-month support from March of 2018 and December of 2017), upper daily Bollinger Band and the 50% Fibonacci correction of the previous downward impulse from June.

The downward reversal from this resistance area started the active short-term ABC correction 2.

Copper is expected to fall further and re-test the next round support level 285.00 (former strong resistance from November and December).

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Source: FxPro


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