(MENAFN - FxPro)
- Copper reversed from support area
- Further gains are likely
Copper recently reversed up from the support area lying between the multi-month support level 260.00 (which has been reversing the price from January) and the lower daily Bollinger Band.
The upward reversal from this support recreated the daily reversal pattern Bullish Engulfing which stopped the previous ABC correction 2 from June.
Copper is expected to rise further and retest the next resistance level 274.00 (which stopped the previous impulse wave 1).