Copper Wave Analysis – 26 December , 2018

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FxPro Daily Economic Events
FxPro Daily Economic Events
  • Copper reversed from support area
  • Further gains are likely

Copper recently reversed up from the support zone located between the strong support level 265.00 (which reversed the A-wave of the earlier ABC correction (2) from September) and the lower daily Bollinger Band.

The upward reversal from this support area stopped the earlier short-term downward impulse wave C from the start of December.

Given the strength of the support level 265.00 – Copper is expected to rise further and re-test the next resistance level 285.00 (top of the previous waves (1), (b), (a) and B).

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