- Copper approached major resistance level 288.50
- Likely to correct to 276.80
Copper has been rising sharply in the last few trading sessions – in line with our earlier report for this trading instrument.
The price is currently approaching the major resistance level 288.50 (former multi-month resistance level from January).
If the price fails to close this week above the resistance level 288.50 – Copper can then correct down to the next support level 276.80 (considering the prolonged overbought reading on the daily Stochastic indicator).