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.
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