Copper recently reversed down from the resistance zone close to the buy target 3.200 that was set in our previous report for this instrument. This resistance zone was strengthened by 61.8% Fibonacci Correction of the earlier intermediate impulse (1) from January and the upper channel line of the daily up channel from March (which has enclosed the preceding intermediate ABC correction (2)).
Having recently broken the aforementioned up channel – Copper is set to fall further to the next sell targets at 3.000 and 2.970 (bottom of earlier wave B).
The post HY MARKETS News: Commodities Report:Copper appeared first on | HY Markets Official blog.