- Copper reversed from resistance area
- Further losses are likely
Copper recently reversed down from the resistance area lying between the key resistance level 264.00 (former monthly high from April), upper daily Bollinger Band, 100-day moving average and the 50% Fibonacci correction of the previous downward impulse from July.
The downward reversal from this the resistance area started the active short-term impulse wave 3 – which belongs to the medium-term impulse wave (3) from July.
Copper is expected to fall further and retest the next support level 257.50 (former resistance from August).