22 Jul 2021 ● 06:30 AM
Copper has seen a complex correction in wave II. Recently, it bounced back from the daily lower Bollinger band and it appears that wave III has possibly started. On the way up, $4.49 and $4.59 i.e. 50% and 61.8% retracement levels respectively, will be the key hurdle levels to watch out for. Once $4.59 is surpassed, the up move can stretch higher towards the May 2021 high of $4.89. On the way down, the swing low of $4.16 shall act as a crucial support level.