• Copper reversed from support level 350.00
• Likely to rise to 370.00
Copper recently reversed up from the pivotal support level 350.00 (which has been steadily reversing the price from the start of December- as can be seen below) – standing near the lower daily Bollinger Band and the 50-day simple moving average.
The support level 350.00 was further strengthened by the 38.2% Fibonacci correction of the previous upward impulse from the middle of November.
Copper is expected to rise further in the active impulse wave (5) toward the next resistance level 370.00 (which stopped the previous impulse wave (3)).