- Copper reversed from support area
- Further gains are likely
Copper recently reversed up sharply from the support area lying between the support levels 250.00 (monthly low from August), 255.00 (monthly low from January) and the lower daily Bollinger Band.
The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Morning Star – its middle candle is also the daily Hammer.
Having recently broken the daily resistance trendline from July – Copper is expected to rise further and retest the next resistance level 263.50 (top of the previous minor correction 2 from August).