Copper recently reversed down from the resistance level 3.1000. The resistance zone near 3.1000 was strengthened by the resistance trendline from December, the upper daily Bollinger Band, 50% Fibonacci Correction of the preceding downward impulse from the end of primary wave ②and the upper channel line of the daily up channel from March.
The reversal from 3.1000 completed the previous intermediate wave (2). Copper is expected to break the aforementioned up channel and then to fall to the next sell targets – 3.000 and 2.9700.
The post HY MARKETS News: Commodities Report:Copper appeared first on | HY Markets Official blog.
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