Copper is heading towards support, potential rise!
Price is approaching our first support at 3.58653, in line with our 38.2% Fibonacci extension, 23.6% Fibonacci retracement and horizontal pullback support, where we remain bullish above this level. We could see a potential bounce at this level and further rise up towards our first resistance at 3.65145, in line with our 78.6% Fibonacci extension and -27.2% Fibonacci retracement. It is worth noting that the price is still holding above the ascending trendline and the Ichimoku cloud, showing bullish pressure in line with our analysis.
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Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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