March 08, 2019 at 01:24PM
- Copper reversed from resistance area
- Further losses are likely
Copper recently reversed down from the resistance area lying between the pivotal resistance level 296.00 (former multi-month support from March of 2018 and December of 2017), upper daily Bollinger Band and the 50% Fibonacci correction of the previous downward impulse from June.
The downward reversal from this resistance area started the active short-term ABC correction 2.
Copper is expected to fall further and re-test the next round support level 285.00 (former strong resistance from November and December).
From: Wave Tech Analysis https://fxpro.news/market-snapshots/copper-wave-analysis-08-march-2019-20190308/
Selected by fonecable.com