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Copper technical analysis, the price broke above the previous daily high at 4.40 and above descending phase line on the daily chart, a signal for further upside potential. The first target of this breakout is the 1.272 FIB extension at resistance at 4.55. The second target is the 1.618 FIB extension at 4.67. The support zone between 4.33 – 4.36 should provide a potential buying opportunity.
The resistance zone between 4.55-4.59 and 4.67-4.70, will be watched by traders for a bearish pressure on Copper.
Daily chart:
Weekly daily:
